Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Jan. 31, 2024 | Mar. 01, 2024 | Jul. 31, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Jan. 31, 2024 | ||
Current Fiscal Year End Date | --01-31 | ||
Entity File Number | 001-39495 | ||
Entity Registrant Name | ASANA, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 26-3912448 | ||
Entity Address, Address Line One | 633 Folsom Street, Suite 100 | ||
Entity Address, City or Town | San Francisco | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94107 | ||
City Area Code | 415 | ||
Local Phone Number | 525-3888 | ||
Title of 12(b) Security | Class A Common Stock, $0.00001 par value per share | ||
Trading Symbol | ASAN | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Document Financial Statement Error Correction | false | ||
Entity Public Float | $ 2 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive Proxy Statement relating to the Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended January 31, 2024. | ||
Entity Central Index Key | 0001477720 | ||
Document Fiscal Year Focus | 2024 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Class A | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 139,318,224 | ||
Common Class B | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 85,489,359 |
Audit Information
Audit Information | 12 Months Ended |
Jan. 31, 2024 | |
Auditor Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | San Francisco, California |
Auditor Firm ID | 238 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 236,663 | $ 526,563 |
Marketable securities | 282,801 | 2,739 |
Accounts receivable, net | 88,327 | 82,363 |
Prepaid expenses and other current assets | 51,925 | 48,726 |
Total current assets | 659,716 | 660,391 |
Property and equipment, net | 96,543 | 94,984 |
Operating lease right-of-use assets | 181,731 | 176,189 |
Other assets | 23,970 | 23,399 |
Total assets | 961,960 | 954,963 |
Current liabilities | ||
Accounts payable | 6,907 | 7,554 |
Accrued expenses and other current liabilities | 75,821 | 83,488 |
Deferred revenue, current | 265,306 | 226,443 |
Operating lease liabilities, current | 19,179 | 14,831 |
Total current liabilities | 367,213 | 332,316 |
Term loan, net | 43,618 | 46,696 |
Deferred revenue, noncurrent | 5,916 | 7,156 |
Operating lease liabilities, noncurrent | 215,084 | 210,012 |
Other liabilities | 3,733 | 2,209 |
Total liabilities | 635,564 | 598,389 |
Commitments and contingencies (Note 8) | ||
Stockholders' equity (deficit) | ||
Common stock, $0.00001 par value; 1,500,000 shares authorized as of January 31, 2024 and January 31, 2023; 224,728 and 214,293 shares issued and outstanding as of January 31, 2024 and January 31, 2023, respectively | 2 | 2 |
Additional paid-in capital | 1,821,216 | 1,595,001 |
Accumulated other comprehensive loss | (236) | (873) |
Accumulated deficit | (1,494,586) | (1,237,556) |
Total stockholders’ equity | 326,396 | 356,574 |
Total liabilities and stockholders’ equity | $ 961,960 | $ 954,963 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 31, 2024 | Jan. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized (in shares) | 1,500,000,000 | 1,500,000,000 |
Common stock, shares issued (in shares) | 224,728,000 | 214,293,000 |
Common stock, shares outstanding (in shares) | 224,728,000 | 214,293,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Income Statement [Abstract] | |||
Revenues | $ 652,504 | $ 547,212 | $ 378,437 |
Cost of revenues | 64,524 | 56,559 | 38,897 |
Gross profit | 587,980 | 490,653 | 339,540 |
Operating expenses: | |||
Research and development | 324,688 | 297,209 | 203,124 |
Sales and marketing | 391,955 | 434,961 | 282,897 |
General and administrative | 141,334 | 166,309 | 118,703 |
Total operating expenses | 857,977 | 898,479 | 604,724 |
Loss from operations | (269,997) | (407,826) | (265,184) |
Interest income and other income (expense), net | 20,624 | 6,933 | (1,536) |
Interest expense | (3,952) | (2,000) | (18,385) |
Loss before provision for income taxes | (253,325) | (402,893) | (285,105) |
Provision for income taxes | 3,705 | 4,875 | 3,237 |
Net loss | $ (257,030) | $ (407,768) | $ (288,342) |
Net loss per share: | |||
Basic (in usd per share) | $ (1.17) | $ (2.04) | $ (1.63) |
Diluted (in usd per share) | $ (1.17) | $ (2.04) | $ (1.63) |
Weighted-average shares used in calculating net loss per share: | |||
Basic (in shares) | 220,406 | 200,034 | 176,401 |
Diluted (in shares) | 220,406 | 200,034 | 176,401 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (257,030) | $ (407,768) | $ (288,342) |
Other comprehensive income (loss): | |||
Net unrealized gains (losses) on marketable securities | 679 | 62 | (91) |
Change in foreign currency translation adjustments | (42) | (309) | (574) |
Comprehensive loss | $ (256,393) | $ (408,015) | $ (289,007) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Beginning balance (in shares) at Jan. 31, 2021 | 161,480 | ||||
Beginning balance at Jan. 31, 2021 | $ (12,789) | $ 2 | $ 528,616 | $ 39 | $ (541,446) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon the exercise of options (in shares) | 6,822 | ||||
Issuance of common stock upon the exercise of options | 16,323 | 16,323 | |||
Vesting of early exercised stock options | 2,350 | 2,350 | |||
Repurchases of common stock (in shares) | (12) | ||||
Issuance of common stock upon the vesting and settlement of restricted stock units (in shares) | 2,458 | ||||
Issuance of common stock for employee share purchase plan (in shares) | 537 | ||||
Issuance of common stock for employee share purchase plan | 13,350 | 13,350 | |||
Issuance of common stock upon conversion of convertible notes—related party (in shares) | 17,013 | ||||
Issuance of common stock upon conversion of convertible notes—related party | 368,459 | 368,459 | |||
Stock-based compensation expense | 105,154 | 105,154 | |||
Net unrealized gains (losses) on marketable securities | (91) | (91) | |||
Foreign currency translation adjustments | (574) | (574) | |||
Net loss | (288,342) | (288,342) | |||
Ending balance (in shares) at Jan. 31, 2022 | 188,298 | ||||
Ending balance at Jan. 31, 2022 | 203,840 | $ 2 | 1,034,252 | (626) | (829,788) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon the exercise of options (in shares) | 2,021 | ||||
Issuance of common stock upon the exercise of options | 5,754 | 5,754 | |||
Vesting of early exercised stock options | 692 | 692 | |||
Repurchases of common stock (in shares) | (1) | ||||
Issuance of common stock upon the vesting and settlement of restricted stock units (in shares) | 3,982 | ||||
Issuance of common stock for employee share purchase plan (in shares) | 720 | ||||
Issuance of common stock for employee share purchase plan | 17,116 | 17,116 | |||
Issuance of common stock upon conversion of convertible notes—related party (in shares) | 19,273 | ||||
Issuance of common stock upon conversion of convertible notes—related party | 347,289 | 347,289 | |||
Stock-based compensation expense | 189,898 | 189,898 | |||
Net unrealized gains (losses) on marketable securities | 62 | 62 | |||
Foreign currency translation adjustments | (309) | (309) | |||
Net loss | $ (407,768) | (407,768) | |||
Ending balance (in shares) at Jan. 31, 2023 | 214,293 | 214,293 | |||
Ending balance at Jan. 31, 2023 | $ 356,574 | $ 2 | 1,595,001 | (873) | (1,237,556) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon the exercise of options (in shares) | 2,101 | 2,101 | |||
Issuance of common stock upon the exercise of options | $ 4,843 | 4,843 | |||
Vesting of early exercised stock options | 109 | 109 | |||
Issuance of common stock upon the vesting and settlement of restricted stock units (in shares) | 7,456 | ||||
Issuance of common stock upon the vesting and settlement of restricted stock units | (10) | ||||
Issuance of common stock for employee share purchase plan (in shares) | 878 | ||||
Issuance of common stock for employee share purchase plan | 15,069 | 15,069 | |||
Stock-based compensation expense | 206,204 | 206,204 | |||
Net unrealized gains (losses) on marketable securities | 679 | 679 | |||
Foreign currency translation adjustments | (42) | (42) | |||
Net loss | $ (257,030) | (257,030) | |||
Ending balance (in shares) at Jan. 31, 2024 | 224,728 | 224,728 | |||
Ending balance at Jan. 31, 2024 | $ 326,396 | $ 2 | $ 1,821,216 | $ (236) | $ (1,494,586) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Cash flows from operating activities | |||
Net loss | $ (257,030) | $ (407,768) | $ (288,342) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Allowance for expected credit losses | 3,140 | 1,918 | 2,257 |
Depreciation and amortization | 14,344 | 12,669 | 8,464 |
Amortization of deferred contract acquisition costs | 21,972 | 15,098 | 8,647 |
Stock-based compensation expense | 202,418 | 188,962 | 104,527 |
Net amortization (accretion) of premium (discount) on marketable securities | (3,391) | 62 | 784 |
Non-cash lease expense | 18,090 | 15,595 | 16,589 |
Impairment of long-lived assets | 5,009 | 0 | 0 |
Amortization of discount on convertible notes and credit facility issuance costs | 122 | 41 | 10,645 |
Non-cash interest expense | 0 | 0 | 6,670 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (9,527) | (25,179) | (26,993) |
Prepaid expenses and other current assets | (25,594) | (24,042) | (23,652) |
Other assets | (468) | (4,108) | (10,724) |
Accounts payable | (569) | (4,391) | 7,259 |
Accrued expenses and other liabilities | (5,206) | 25,539 | 23,682 |
Deferred revenue | 37,623 | 59,375 | 68,339 |
Operating lease liabilities | (18,864) | (13,829) | 8,063 |
Net cash used in operating activities | (17,931) | (160,058) | (83,785) |
Cash flows from investing activities | |||
Purchases of marketable securities | (319,133) | (72,216) | (62,394) |
Sales of marketable securities | 18 | 0 | 373 |
Maturities of marketable securities | 43,141 | 143,865 | 132,301 |
Purchases of property and equipment | (7,721) | (5,351) | (41,587) |
Capitalized internal-use software costs | (5,440) | (1,806) | (1,132) |
Net cash provided by (used in) investing activities | (289,135) | 64,492 | 27,561 |
Cash flows from financing activities | |||
Proceeds from term loan, net of issuance costs | 0 | 49,555 | 9,000 |
Repayment of term loan | (3,125) | (38,333) | (1,667) |
Proceeds from private placement — related party, net of offering costs | 0 | 347,289 | 0 |
Taxes paid related to net share settlement of equity awards | (10) | 0 | 0 |
Repurchases of common stock | 0 | (9) | (40) |
Proceeds from exercise of stock options | 4,843 | 5,773 | 16,567 |
Proceeds from employee stock purchase plan | 15,069 | 17,116 | 13,350 |
Net cash provided by financing activities | 16,777 | 381,391 | 37,210 |
Effect of foreign exchange rates on cash and cash equivalents | 389 | 335 | (461) |
Net increase (decrease) in cash and cash equivalents | (289,900) | 286,160 | (19,475) |
Cash and cash equivalents | |||
Beginning of period | 526,563 | 240,403 | 259,878 |
End of period | 236,663 | 526,563 | 240,403 |
Supplemental cash flow data | |||
Cash paid for income taxes | 3,354 | 4,325 | 1,463 |
Cash paid for interest | 3,609 | 1,657 | 833 |
Supplemental non-cash investing and financing information | |||
Purchase of property and equipment in accounts payable and accrued liabilities | 140 | 598 | 571 |
Vesting of early exercised stock options | 109 | 692 | 2,350 |
Issuance of common stock upon conversion of convertible notes — related party | 0 | 0 | 368,459 |
Stock-based compensation for software development | $ 3,778 | $ 959 | $ 673 |
Organization
Organization | 12 Months Ended |
Jan. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Organization and Description of Business Asana, Inc. (“Asana” or the “Company”) was incorporated in the state of Delaware on December 16, 2008. Asana is a leading work management software platform with an enterprise focus that helps organizations orchestrate work, from daily tasks to cross-functional strategic initiatives. The Company is headquartered in San Francisco, California. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”) and include the accounts of the Company’s wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated on consolidation. Fiscal Year The Company’s fiscal year ends on January 31. For example, references to fiscal 2024, 2023, and 2022 refer to the fiscal year ended January 31, 2024, January 31, 2023, and January 31, 2022, respectively. Reclassification of Class A and Class B Common Stock On March 23, 2020, the Company amended and restated its certificate of incorporation to effect a reclassification of the Company’s Class A common stock to Class B common stock, and vice versa. There were no changes to the rights, preferences, and privileges of each class of common stock at this time. All references to Class A common stock have been recast to Class B common stock, and all references to Class B common stock have been recast to Class A common stock, in these consolidated financial statements to give retrospective effect to the reclassification for all periods presented. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and accompanying notes. Estimates and assumptions reflected in the consolidated financial statements include, but are not limited to, revenue recognition, the useful lives and carrying values of long-lived assets, the fair value of the Convertible Notes (as defined in N ote 6. Convertible Notes—Related Party ), the fair value of common stock for periods prior to the Direct Listing, stock-based compensation expense, the period of benefit for deferred contract acquisition costs, income taxes, and the valuation of right-of-use assets. Actual results could differ from those estimates. Risks and Uncertainties Global macroeconomic events including elevated inflation, the U.S. Federal Reserve raising interest rates, bank failures, supply chain disruptions, fluctuations in currency exchange rates, the Russian invasion of Ukraine, the current armed conflict in Israel and the Gaza Strip, and the residual impact of the COVID-19 pandemic have led to economic uncertainty. These macroeconomic conditions have and are likely to continue to have adverse effects on the rate of global IT spending, including the buying patterns of the Company’s customers and prospective customers. The conditions caused by the aforementioned macroeconomic events have affected and could continue to affect the rate of global IT spending and could adversely affect demand for the Company’s platform, lengthen the Company’s sales cycles, reduce the value or duration of subscriptions, negatively impact collections of accounts receivable, reduce expected spending from new customers, cause some of the Company’s paying customers to go out of business, and affect contraction or attrition rates of the Company’s customers, all of which could adversely affect the Company’s business, results of operations, and financial condition. As of the date of issuance of the financial statements, the Company is not aware of any specific event or circumstance related to the aforementioned macroeconomic events that would require it to update its estimates or judgments or adjust the carrying value of its assets or liabilities. Actual results could differ from those estimates and any such differences may be material to the consolidated financial statements. Revenue Recognition The Company derives its revenues from subscription fees earned from customers accessing the platform. The Company’s policy is to exclude sales and other indirect taxes when measuring the transaction price of its subscription agreements. The Company accounts for revenue contracts with customers by applying the requirements of ASC 606, Revenue from Contracts with Customers , which includes the following steps: • identification of the contract, or contracts, with the customer; • identification of the performance obligations in the contract; • determination of the transaction price; • allocation of the transaction price to the performance obligations in the contract; and • recognition of the revenues when, or as, the Company satisfies a performance obligation. The Company’s subscription agreements generally have monthly or annual contractual terms and are billed in advance. Revenues are recognized ratably over the related contractual term beginning on the date that the platform is made available to a customer. The Company recognizes revenues ratably because the customer receives and consumes the benefits of the platform throughout the contractual period. Access to the platform represents a series of distinct services that comprise a single performance obligation that is satisfied over time. The Company’s contracts are generally non-cancelable and non-refundable in the event of cancellations. Research and Development Research and development expenses consist primarily of personnel-related expenses such as salaries and related benefits for the Company’s product development employees. Also included are non-personnel costs such as product design costs, third-party services and consulting expenses, depreciation expense related to equipment used in research and development activities, and allocation of the Company’s general overhead expenses. Advertising Expenses Advertising expenses are charged to sales and marketing expense in the consolidated statements of operations as incurred. Advertising expenses were $79.4 million, $118.1 million, and $87.4 million for the years ended January 31, 2024, 2023, and 2022, respectively. Stock‑Based Compensation Expense The Company records stock-based compensation expense for all stock-based awards, including stock options, purchase rights issued under the 2020 Employee Stock Purchase Plan, and restricted stock units, made to employees, non-employees, and directors based on estimated fair values recognized over the requisite service period. The fair value of stock options granted and purchase rights issued under the ESPP for purposes of calculating stock-based compensation expense is estimated on the grant date using the Black-Scholes pricing model. The Black-Scholes pricing model requires the Company to make assumptions and judgments about the inputs used in the calculation, including the expected term (weighted-average period of time that the options granted are expected to be outstanding), the volatility of the Company’s common stock, risk-free interest rate, and expected dividend yield. The expected term represents the period that the Company’s stock-based awards are expected to be outstanding. The expected term assumptions are determined based on the vesting terms, exercise terms, and contractual lives of the options. The volatility is based on an average of the historical volatilities of the common stock of comparable public companies with characteristics similar to those of the Company. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. The Company’s expected dividend yield input is zero as it has not historically paid, nor does it expect in the future to pay, cash dividends on its common stock. Stock-based compensation expense for RSUs is measured based on the fair value of the underlying shares on the date of grant. Stock-based compensation expense is recognized as expense over the requisite service period, which is generally the vesting period of the respective award. The Company uses the straight-line method for expense attribution. The Company accounts for forfeitures as they occur. Foreign Currency Translation and Transactions The functional currency of each of the Company’s wholly owned subsidiaries is the applicable local currency or the U.S. dollar. The translation of foreign currencies into U.S. dollars is performed for assets and liabilities using current foreign currency exchange rates in effect at the balance sheet date and for revenues and expense accounts using average foreign currency exchange rates during the period. Capital accounts are translated at historical foreign currency exchange rates. Translation gains and losses are included in stockholders’ equity (deficit) as a component of accumulated other comprehensive income (loss). Adjustments that arise from foreign currency exchange rate changes on transactions denominated in a currency other than the functional currency are included in interest income and other income (expense), net on the consolidated statements of operations and were not material for the years ended January 31, 2024, 2023, and 2022. Segment Information The Company’s chief operating decision-maker is its Chief Executive Officer (“CEO”), who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. The Company manages its operations and allocates resources as a single operating segment. For information regarding the Company’s revenues and long-lived assets by geographic area, see Note 15. Geographic Information . Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities at the date of purchase of three months or less to be cash equivalents. Cash and cash equivalents are stated at cost, which approximates fair value. Cash and cash equivalents as reported in the Company’s consolidated statements of cash flows includes the aggregate amounts of cash and cash equivalents as shown on the consolidated balance sheets. Available-for-sale Investments Marketable securities are partially comprised of U.S. government securities, commercial paper, corporate bonds, and agency bonds with an original contractual maturity or a remaining maturity at the time of purchase of greater than three months and no more than 37 months. The Company classifies its securities as available-for-sale at the time of purchase and reevaluates such classification at each balance sheet date. The Company may sell these securities at any time for use in current operations even if they have not yet reached maturity. As a result, the Company classifies its marketable securities, including securities with stated maturities beyond twelve months, within current assets in the condensed consolidated balance sheets. Available-for-sale securities are carried at fair value with unrealized gains and losses reported in accumulated other comprehensive income (loss) as a separate component of stockholders’ equity (deficit). Unrealized gains and losses for any marketable securities that management intends to sell or is more likely than not that management will be required to sell prior to their anticipated recovery are recorded in interest income and other income (expense), net. Interest receivable on these securities is presented in prepaid expenses and other current assets on the consolidated balance sheets. Realized gains and losses, other-than-temporary impairments (prior to the Company’s adoption of ASU No. 2016-13 on February 1, 2021), and the recognition of expected credit losses (subsequent to the Company’s adoption of ASU No. 2016-13 on February 1, 2021), if any, on available-for-sale securities are recognized upon sale and are included in interest income and other income (expense), net in the consolidated statements of operations. The cost of securities sold is based on the specific identification method. Marketable securities are reviewed periodically to identify possible other-than-temporary impairments or expected credit losses. No impairment or credit loss has been recorded on the Company’s marketable securities during the years ended January 31, 2024, 2023, or 2022. Accounts Receivable Accounts receivable are stated at realizable value, net of allowance for expected credit losses. The allowance for expected credit losses is based on the Company’s assessment of the collectability of its accounts receivable, which considers the Company’s historical write-offs of uncollectible accounts, an analysis of the aging of outstanding accounts receivable, specific customers with known adverse financial conditions, and considers other relevant factors, including contractual terms and current and future economic conditions. The Company also considers current market conditions and current and future economic conditions in reviewing the adequacy of the allowance. The Company reassesses the adequacy of the allowance for credit losses each reporting period. The Company’s allowance for expected credit losses was $2.3 million as of January 31, 2024 and 2023. Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, and marketable securities. The Company deposits its cash and cash equivalents with financial institutions that management believes are of high credit quality, although such deposits may, at times, exceed federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents to date. Cash equivalents are invested in highly rated securities. The Company grants credit to customers in the normal course of business. For the years ended January 31, 2024, 2023, and 2022, there were no individual customers that accounted for 10% or more of the Company’s revenues. The Company had no customers that accounted for 10% or more of accounts receivable at January 31, 2024 and 2023. Fair Value of Financial Instruments Fair value is defined as the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the reporting date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. Fair value is estimated by utilizing a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 Observable inputs comprised of quoted prices for identical assets or liabilities in active markets. Level 2 Inputs other than the quoted prices in active markets that are observable either directly or indirectly. Level 3 Unobservable inputs in which there is little or no market data and that are significant to the fair value of the assets or liabilities. In determining fair value, a financial instrument’s classification within the three-tier fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considers counterparty credit risk in its assessment of fair value. The carrying amount of certain financial instruments, including cash, accounts receivable, accounts payable, and accrued liabilities approximates their fair values due to their short-term nature. Lease Obligations The Company determines if an arrangement is a lease at inception by determining if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration and other facts and circumstances. Right-of-use assets and lease liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commencement. As the Company’s leases do not provide an implicit rate, the Company uses the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate is a hypothetical rate based on the Company’s understanding of what its credit rating would be. The ROU assets also include any lease payments made prior to commencement and are recorded net of any lease incentives received. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. The lease agreements may contain variable costs such as common area maintenance, insurance, real estate taxes or other costs. Variable lease costs are expensed as incurred on the consolidated statements of operations. The Company’s lease agreements generally do not contain any residual value guarantees, restrictions, or covenants. The Company has lease agreements with lease and non-lease components. The Company elects to combine lease and non-lease components as a single lease component for all classes of underlying assets. The Company elects to not record leases with an initial term of 12 months or less on the balance sheet and the associated lease payments are recognized in the consolidated statements of operations on a straight-line basis over the lease term. Operating leases are included in operating lease ROU assets, operating lease liabilities, current, and operating lease liabilities, noncurrent on the consolidated balance sheets. Property and Equipment, Net The Company records its property and equipment at cost. Depreciation is computed on the straight-line method over the estimated useful lives of two Asset Type Life (Years) Desktop and other computer equipment 2-3 Furniture and fixtures 5 Leasehold improvements Shorter of lease term or estimated useful life Capitalized internal-use software 3 Capitalized Internal-Use Software The Company capitalizes certain internal software development costs, consisting primarily of direct labor associated with creating the internally developed software. Capitalized costs are amortized using the straight-line method over the estimated useful life of the software once it is ready for its intended use. The Company believes the straight-line recognition method best approximates the manner in which the expected benefit will be derived. Impairment of Long-Lived Assets The Company evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such asset groups may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset group to future undiscounted cash flows expected to be generated by the asset group. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. The Company recorded a $5.0 million impairment charge during the year ended January 31, 2024. No impairment losses were recorded during the years ended January 31, 2023, and 2022. The $5.0 million impairment charge incurred during the year ended January 31, 2024 related to the right-of-use (“ROU”) assets and underlying property and equipment associated with the Company’s subleased office spaces is further described in Note 9. Leases to the consolidated financial statements. Income Taxes The Company accounts for income taxes under the asset and liability method, which requires that deferred income taxes be provided for temporary differences between the tax basis of the Company’s assets and liabilities and their financial statement reported amounts. In addition, deferred tax assets are recorded for the future benefit of utilizing net operating loss carryforwards and research and development credit carryforwards. A valuation allowance is provided against deferred tax assets unless it is more likely than not that they will be realized. If there is significant negative evidence that the near-term realization of certain assets are deemed unlikely, the Company would record a valuation allowance against the deferred tax assets. The Company regularly assesses the continuing need for a valuation allowance against its deferred tax assets. Significant judgment is required to determine whether a valuation allowance continues to be necessary and the amount of such valuation allowance, if appropriate. The Company considers all available evidence, both positive and negative, to determine, based on the weight of available evidence, whether it is more likely than not that some or all of the deferred tax assets will not be realized. In evaluating the continued need for a valuation allowance, the Company considers, among other things, the nature, frequency, and severity of current and cumulative losses, forecasts of future profitability, and the duration of statutory carryforward periods. The Company performs a comprehensive review of potential uncertain tax positions in each jurisdiction in which the Company operates. The Company accounts for uncertain tax positions in accordance with ASC 740, Income Taxes . ASC 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax provision that an entity takes or expects to take in a tax return. Net Loss Per Share Basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. All series of the Company’s redeemable convertible preferred stock and early exercised stock options are considered to be participating securities because all holders are entitled to receive a non-cumulative dividend on a pari passu basis in the event that a dividend is paid on the common stock. The holders of the redeemable convertible preferred stock do not have a contractual obligation to share in the Company’s losses. As such, the Company’s net losses for the years ended January 31, 2024, 2023, and 2022 were not allocated to these participating securities. The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share attributed to common stockholders will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis. Under the two-class method, basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share attributable to common stockholders adjusts basic earnings per share for the potentially dilutive impact of redeemable convertible preferred stock warrants, stock options, RSUs, and redeemable convertible preferred stock. As the Company has reported losses for all periods presented, all potentially dilutive securities are anti-dilutive, and accordingly, basic net loss per share equaled diluted net loss per share. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The new standard will be effective for the Company for the annual periods beginning February 1, 2024, and for interim periods beginning February 1, 2025, with early adoption permitted. Upon adoption, the guidance should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adoption of the standard on disclosures within its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The guidance is effective for the Company’s fiscal years beginning after February 1, 2025, with early adoption permitted. The Company is currently evaluating the impact of adoption of the standard on its consolidated financial statements. There have been no other recent accounting pronouncements, changes in accounting pronouncements or recently adopted accounting guidance during the year ended January 31, 2024 that are of significance or potential significance to the Company. |
Revenue
Revenue | 12 Months Ended |
Jan. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Deferred Revenue and Remaining Performance Obligations The Company recognized $227.5 million and $170.1 million of revenues during the years ended January 31, 2024 and 2023, respectively, that were included in the deferred revenue balance at the beginning of the respective period. Deferred revenue that will be recognized within the next twelve months is recorded as current deferred revenue, and the remaining portion is recorded as noncurrent. As of January 31, 2024, the Company's remaining performance obligations from subscription contracts were $349.0 million, of which the Company expects to recognize approximately 84% as revenues over the next 12 months and the remainder thereafter. Deferred Contract Acquisition Costs Deferred contract acquisition costs represent gross deferred contract acquisition costs less accumulated amortization. Sales commissions earned by the Company’s sales force, as well as related payroll taxes, are considered to be incremental and recoverable costs of obtaining a contract with a customer. As a result, these amounts have been capitalized as deferred contract acquisition costs within prepaid and other current assets and other assets on the consolidated balance sheets. Deferred contract acquisition costs are amortized over a period of benefit of three years. The period of benefit was estimated by considering factors such as historical customer attrition rates, the useful life of the Company’s technology, and the impact of competition in the software-as-a-service industry. The following table summarizes the activity of deferred contract acquisition costs (in thousands): Year Ended January 31, 2024 2023 Beginning balance $ 36,583 $ 22,771 Capitalization of contract acquisition costs 24,770 28,910 Amortization of deferred contract acquisition costs (21,972) (15,098) Ending balance $ 39,381 $ 36,583 Deferred contract acquisition costs, current $ 21,594 $ 18,049 Deferred contract acquisition costs, noncurrent 17,787 18,534 Total deferred contract acquisition costs $ 39,381 $ 36,583 Deferred contract acquisition costs, current is presented within prepaid expenses and other current assets in the consolidated balance sheets. Deferred contract acquisition costs, noncurrent is presented within other assets in the consolidated balance sheets. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jan. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following table summarizes, for assets and liabilities measured at fair value, the respective fair value and classification by level of input within the fair value hierarchy (in thousands): As of January 31, 2024 Level 1 Level 2 Level 3 Total Current Assets Cash equivalents Money market funds $ 89,561 $ — $ — $ 89,561 Commercial paper — 4,991 — 4,991 Total cash equivalents $ 89,561 $ 4,991 $ — $ 94,552 Marketable securities U.S. treasury bonds $ 162,328 $ — $ — $ 162,328 Commercial paper — 11,670 — 11,670 Corporate bonds — 72,608 — 72,608 Agency bonds — 36,195 — 36,195 Total marketable securities $ 162,328 $ 120,473 $ — $ 282,801 Total assets $ 251,889 $ 125,464 $ — $ 377,353 As of January 31, 2023 Level 1 Level 2 Level 3 Total Current Assets Cash equivalents Money market funds $ 289,001 $ — $ — $ 289,001 Total cash equivalents $ 289,001 $ — $ — $ 289,001 Marketable securities Corporate bonds $ — $ 2,739 $ — $ 2,739 Total marketable securities $ — $ 2,739 $ — $ 2,739 Total assets $ 289,001 $ 2,739 $ — $ 291,740 There were no transfers of financial assets or liabilities into or out of Level 3 during the years ended January 31, 2024 and 2023. The following table summarizes the Company's investments in marketable securities on the consolidated balance sheets (in thousands): As of January 31, 2024 Amortized Gross Gross Estimated Current Assets U.S. treasury bonds $ 162,485 $ 85 $ (242) $ 162,328 Commercial paper 11,645 25 — 11,670 Corporate bonds 71,930 695 (17) 72,608 Agency bonds 36,067 128 — 36,195 Total marketable securities $ 282,127 $ 933 $ (259) $ 282,801 As of January 31, 2023 Amortized Gross Gross Estimated Current Assets Corporate bonds $ 2,744 $ — $ (5) $ 2,739 Total marketable securities $ 2,744 $ — $ (5) $ 2,739 The following table presents the contractual maturities of the Company’s marketable securities as of January 31, 2024 (in thousands): As of January 31, 2024 Amortized Cost Estimated Fair Value Due within one year $ 155,743 $ 155,813 Due within one to three years 126,384 126,988 Total $ 282,127 $ 282,801 The Company periodically evaluates its investments for expected credit losses. The unrealized losses on the available-for-sale securities were primarily due to unfavorable changes in interest rates subsequent to the initial purchase of these securities. Gross unrealized losses of the Company’s available-for-sale securities that have been in a continuous unrealized loss position for twelve months or longer were immaterial as of January 31, 2024 and January 31, 2023. The Company expects to recover the full carrying value of its available-for-sale securities in an unrealized loss position as it does not intend or anticipate a need to sell these securities prior to recovering the associated unrealized losses. The Company also expects any credit losses would be immaterial based on the high-grade credit rating for each of such available-for-sale securities. As a result, the Company does not consider any portion of the unrealized losses as of January 31, 2024 or January 31, 2023 to represent credit losses. In April 2020 and November 2022, the Company entered into credit agreements (the “April 2020 Senior Secured Term Loan” and “November 2022 Senior Secured Credit Facility” as defined in Note 7. Debt ) with Silicon Valley Bank (“SVB”). The credit facilities are carried at amortized cost, which approximated their fair values as of January 31, 2024 and January 31, 2023. If the credit facilities were measured at fair value in the financial statements, they would be classified as Level 2 in the fair value hierarchy. On March 27, 2023, First Citizens BancShares, Inc. announced that it entered into an agreement to purchase assets and liabilities of SVB, inclusive of the November 2022 Senior Secured Credit Facility. |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Jan. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Components | Balance Sheet Components Property and Equipment, Net Property and equipment, net, consisted of the following (in thousands): As of January 31, 2024 2023 Leasehold improvements $ 100,795 $ 98,264 Capitalized internal-use software 24,061 15,005 Furniture and fixtures 11,732 10,325 Desktop and other computer equipment 2,122 1,804 Construction in progress 326 652 Total gross property and equipment 139,036 126,050 Less: Accumulated depreciation and amortization (42,493) (31,066) Total property and equipment, net $ 96,543 $ 94,984 Depreciation and amortization expense for the years ended January 31, 2024, 2023, and 2022 was $14.3 million, $12.7 million, and $8.5 million, respectively. The changes in the carrying value of capitalized internal-use software costs for the periods presented below are as follows (in thousands): Amount Balance as of February 1, 2022 $ 2,353 Capitalization of internal-use software costs 2,756 Amortization of internal-use software costs (1,074) Balance as of January 31, 2023 $ 4,035 Capitalization of internal-use software costs 9,056 Amortization of internal-use software costs (2,570) Balance as of January 31, 2024 $ 10,521 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): As of January 31, 2024 2023 Prepaid expenses $ 25,029 $ 25,134 Deferred contract acquisition costs, current 21,594 18,049 Other current assets 5,302 5,543 Total prepaid expenses and other current assets $ 51,925 $ 48,726 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): As of January 31, 2024 2023 Accrued payroll liabilities $ 19,219 $ 22,336 Accrued sales and value-added taxes 10,770 13,347 Accrued taxes for fringe benefits 9,452 8,064 Accrued advertising expenses 9,276 10,565 Accrued consulting expenses 4,287 4,076 Other liabilities 22,817 25,100 Total accrued expenses and other current liabilities $ 75,821 $ 83,488 |
Convertible Notes_Related Party
Convertible Notes—Related Party | 12 Months Ended |
Jan. 31, 2024 | |
Related Party Transactions [Abstract] | |
Convertible Notes - Related Party | Convertible Notes—Related Party The Company previously issued two 3.5% unsecured senior mandatory convertible promissory notes in January 2020 (“January 2020 Convertible Note”) and June 2020 (“June 2020 Convertible Note”) (collectively, the “Convertible Notes”) in principal amounts of $300.0 million and $150.0 million, respectively. The Convertible Notes were not transferable except to affiliates, contained no financial or restrictive covenants, and were expressly subordinated in right of payment to any of the Company’s existing or future secured indebtedness. On July 1, 2021, upon meeting the closing trading price criteria for optional conversion by the Company (based on the Company’s Class A common stock closing trading price during the last 30 trading days of the previous calendar quarter as stated in the original terms of the Convertible Notes), the Company elected to convert both of the Convertible Notes into an aggregate of 17,012,822 shares of the Company’s Class B common stock pursuant to the original terms of the embedded, substantive conversion features in the Convertible Notes. The Company accounted for the conversion by adjusting its additional paid-in capital for the net carrying amount of the Convertible Notes as of July 1, 2021 of $368.5 million (including accrued interest of $20.4 million and the unamortized debt discount of $101.9 million). Interest expense related to the Convertible Notes recorded prior to the conversion was as follows (in thousands): Year Ended January 31, 2024 2023 2022 Amortization of debt discount $ — $ — $ 10,628 Contractual interest expense — — 6,670 Total interest expense $ — $ — $ 17,298 In April 2020, the Company entered into a five-year $40.0 million term loan agreement with SVB (the “April 2020 Senior Secured Term Loan”) which provided for a senior secured term loan facility, in an aggregate principal amount of up to $40.0 million to be used for the construction of the Company’s corporate headquarters. Interest accrued and was payable monthly based on a floating rate per annum equal to the prime rate (per the Wall Street Journal) plus an applicable margin ranging from 0% to (1.0)% based on the Company’s unrestricted cash balance at the lender. The April 2020 Senior Secured Term Loan was repaid in full and terminated in November 2022. In November 2022, the Company entered into an agreement for a four-year credit facility (as amended on April 13, 2023, the “November 2022 Senior Secured Credit Facility”) with SVB, which refinanced the April 2020 Senior Secured Term Loan. The November 2022 Senior Secured Credit Facility provides for senior secured credit facilities in the aggregate principal amount of $150.0 million, including a senior secured term loan facility in an aggregate principal amount of $50.0 million and a revolving loan facility in an aggregate principal amount of up to $100.0 million, including a $30.0 million letter of credit sub-facility, maturing on November 7, 2026. On March 27, 2023, First Citizens BancShares, Inc. announced that it entered into an agreement to purchase assets and liabilities of SVB, inclusive of the November 2022 Senior Secured Credit Facility. Borrowings under the November 2022 Senior Secured Credit Facility may be designated as ABR Loans or SOFR Loans, subject to certain terms and conditions under the agreement. ABR Loans accrue interest at a rate per annum equal to the ABR plus an applicable margin of 1.25%. Term SOFR Loans accrue interest at a rate per annum equal to the applicable adjusted term SOFR rate, which is equal to the applicable term SOFR rate plus a term SOFR adjustment of 10 basis points, provided such adjusted term SOFR rate shall not be less than zero, plus an applicable margin of 2.25%. Interest accrues and is payable on a monthly basis. The November 2022 Senior Secured Credit Facility contains customary conditions to borrowing, events of default, and covenants, including covenants that restrict the Company’s ability to incur indebtedness, make or hold investments, execute certain change of control transactions, business combinations or other fundamental changes to the business, dispose of assets, make certain types of restricted payments or enter into certain related party transactions, subject to customary exceptions. In addition, the November 2022 Senior Secured Credit Facility contains financial covenants, including a consolidated adjusted quick ratio of 1.25 to 1.00, as well as a minimum cash adjusted EBITDA, each tested on a quarterly basis. Pursuant to the terms of the November 2022 Senior Secured Credit Facility, the Company may issue letters of credit which may reduce the total amount available for borrowing under the revolving credit facility. Additionally, the Company is required to pay an annual commitment fee that accrues at a rate of 0.15% per annum on the unused portion of the borrowing commitments under the revolving credit facility. The Company had an aggregate of $21.4 million of letters of credit outstanding under the revolving credit facility as of January 31, 2024, and the Company’s total available borrowing capacity under the revolving credit facility was $78.6 million as of January 31, 2024. As of January 31, 2024, $50.0 million was drawn and $46.9 million was outstanding under the November 2022 Senior Secured Credit Facility. As of January 31, 2024, the Company was in compliance with all financial covenants. In conjunction with the close of the November 2022 Senior Secured Credit Facility, the Company paid upfront issuance fees of $0.4 million. The upfront fees are amortized over the remaining term of the agreement. Upfront issuance fees allocated to the revolving credit facility of $0.2 million are presented in the Company’s consolidated balance sheet within other assets. The net carrying amounts of the November 2022 Senior Secured Credit Facility were as follows (in thousands): As of January 31, 2024 2023 Principal $ 46,875 $ 50,000 Accrued interest 297 218 Unamortized loan issuance costs (132) (179) Net carrying amount $ 47,040 $ 50,039 Credit facilities, current $ 3,422 $ 3,343 Credit facilities, noncurrent $ 43,618 $ 46,696 The net carrying amount of the current portion of the term loan is presented within accrued expenses and other current liabilities in the consolidated balance sheets. The expected future principal payments for all borrowings as of January 31, 2024 is as follows (in thousands): Fiscal year ending January 31, Contractual Maturity 2025 $ 3,125 2026 5,000 2027 38,750 Total principal payments $ 46,875 |
Debt
Debt | 12 Months Ended |
Jan. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Convertible Notes—Related Party The Company previously issued two 3.5% unsecured senior mandatory convertible promissory notes in January 2020 (“January 2020 Convertible Note”) and June 2020 (“June 2020 Convertible Note”) (collectively, the “Convertible Notes”) in principal amounts of $300.0 million and $150.0 million, respectively. The Convertible Notes were not transferable except to affiliates, contained no financial or restrictive covenants, and were expressly subordinated in right of payment to any of the Company’s existing or future secured indebtedness. On July 1, 2021, upon meeting the closing trading price criteria for optional conversion by the Company (based on the Company’s Class A common stock closing trading price during the last 30 trading days of the previous calendar quarter as stated in the original terms of the Convertible Notes), the Company elected to convert both of the Convertible Notes into an aggregate of 17,012,822 shares of the Company’s Class B common stock pursuant to the original terms of the embedded, substantive conversion features in the Convertible Notes. The Company accounted for the conversion by adjusting its additional paid-in capital for the net carrying amount of the Convertible Notes as of July 1, 2021 of $368.5 million (including accrued interest of $20.4 million and the unamortized debt discount of $101.9 million). Interest expense related to the Convertible Notes recorded prior to the conversion was as follows (in thousands): Year Ended January 31, 2024 2023 2022 Amortization of debt discount $ — $ — $ 10,628 Contractual interest expense — — 6,670 Total interest expense $ — $ — $ 17,298 In April 2020, the Company entered into a five-year $40.0 million term loan agreement with SVB (the “April 2020 Senior Secured Term Loan”) which provided for a senior secured term loan facility, in an aggregate principal amount of up to $40.0 million to be used for the construction of the Company’s corporate headquarters. Interest accrued and was payable monthly based on a floating rate per annum equal to the prime rate (per the Wall Street Journal) plus an applicable margin ranging from 0% to (1.0)% based on the Company’s unrestricted cash balance at the lender. The April 2020 Senior Secured Term Loan was repaid in full and terminated in November 2022. In November 2022, the Company entered into an agreement for a four-year credit facility (as amended on April 13, 2023, the “November 2022 Senior Secured Credit Facility”) with SVB, which refinanced the April 2020 Senior Secured Term Loan. The November 2022 Senior Secured Credit Facility provides for senior secured credit facilities in the aggregate principal amount of $150.0 million, including a senior secured term loan facility in an aggregate principal amount of $50.0 million and a revolving loan facility in an aggregate principal amount of up to $100.0 million, including a $30.0 million letter of credit sub-facility, maturing on November 7, 2026. On March 27, 2023, First Citizens BancShares, Inc. announced that it entered into an agreement to purchase assets and liabilities of SVB, inclusive of the November 2022 Senior Secured Credit Facility. Borrowings under the November 2022 Senior Secured Credit Facility may be designated as ABR Loans or SOFR Loans, subject to certain terms and conditions under the agreement. ABR Loans accrue interest at a rate per annum equal to the ABR plus an applicable margin of 1.25%. Term SOFR Loans accrue interest at a rate per annum equal to the applicable adjusted term SOFR rate, which is equal to the applicable term SOFR rate plus a term SOFR adjustment of 10 basis points, provided such adjusted term SOFR rate shall not be less than zero, plus an applicable margin of 2.25%. Interest accrues and is payable on a monthly basis. The November 2022 Senior Secured Credit Facility contains customary conditions to borrowing, events of default, and covenants, including covenants that restrict the Company’s ability to incur indebtedness, make or hold investments, execute certain change of control transactions, business combinations or other fundamental changes to the business, dispose of assets, make certain types of restricted payments or enter into certain related party transactions, subject to customary exceptions. In addition, the November 2022 Senior Secured Credit Facility contains financial covenants, including a consolidated adjusted quick ratio of 1.25 to 1.00, as well as a minimum cash adjusted EBITDA, each tested on a quarterly basis. Pursuant to the terms of the November 2022 Senior Secured Credit Facility, the Company may issue letters of credit which may reduce the total amount available for borrowing under the revolving credit facility. Additionally, the Company is required to pay an annual commitment fee that accrues at a rate of 0.15% per annum on the unused portion of the borrowing commitments under the revolving credit facility. The Company had an aggregate of $21.4 million of letters of credit outstanding under the revolving credit facility as of January 31, 2024, and the Company’s total available borrowing capacity under the revolving credit facility was $78.6 million as of January 31, 2024. As of January 31, 2024, $50.0 million was drawn and $46.9 million was outstanding under the November 2022 Senior Secured Credit Facility. As of January 31, 2024, the Company was in compliance with all financial covenants. In conjunction with the close of the November 2022 Senior Secured Credit Facility, the Company paid upfront issuance fees of $0.4 million. The upfront fees are amortized over the remaining term of the agreement. Upfront issuance fees allocated to the revolving credit facility of $0.2 million are presented in the Company’s consolidated balance sheet within other assets. The net carrying amounts of the November 2022 Senior Secured Credit Facility were as follows (in thousands): As of January 31, 2024 2023 Principal $ 46,875 $ 50,000 Accrued interest 297 218 Unamortized loan issuance costs (132) (179) Net carrying amount $ 47,040 $ 50,039 Credit facilities, current $ 3,422 $ 3,343 Credit facilities, noncurrent $ 43,618 $ 46,696 The net carrying amount of the current portion of the term loan is presented within accrued expenses and other current liabilities in the consolidated balance sheets. The expected future principal payments for all borrowings as of January 31, 2024 is as follows (in thousands): Fiscal year ending January 31, Contractual Maturity 2025 $ 3,125 2026 5,000 2027 38,750 Total principal payments $ 46,875 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Standby Letters of Credit As of January 31, 2024 and 2023, the Company had several letters of credit outstanding related to its operating leases totaling $21.4 million and $23.6 million, respectively. The letters of credit expire at various dates between 2025 and 2034. Purchase Commitments In January 2021, the Company entered into a 60-month contract with Amazon Web Services for hosting-related services. Pursuant to the terms of the contract, the Company is required to spend a minimum of $103.5 million over the term of the agreement. The commitment may be offset by up to $7.3 million in additional credits subject to the Company meeting certain conditions of the agreement, which have been earned as of January 31, 2024. As of January 31, 2024 the Company had purchase commitments remaining of $46.5 million for hosting-related services and $12.2 million with various parties primarily for software-based services which are not reflected on the Company’s consolidated balance sheet. Indemnification Agreements The Company has entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against any liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct of the individual. Additionally, in the ordinary course of business, the Company enters into agreements of varying scope and terms pursuant to which it agrees to indemnify customers, vendors, lessors, business partners, and other parties with respect to certain matters, including, but not limited to, losses arising out of the breach of such agreements, services to be provided by the Company, or from intellectual property infringement claims made by third parties. For the years ended January 31, 2024 and 2023, no demands have been made upon the Company to provide indemnification under such agreements, and there are no claims that the Company is aware of that could have a material adverse effect on its financial position, results of operations, or cash flows. Contingencies From time to time in the normal course of business, the Company may be subject to various claims and other legal matters arising in the ordinary course of business. As of January 31, 2024 and 2023, the Company believes that none of its current legal proceedings would have a material adverse effect on its financial position, results of operations, or cash flows. |
Leases
Leases | 12 Months Ended |
Jan. 31, 2024 | |
Leases [Abstract] | |
Leases | Leases The Company leases real estate facilities under non-cancelable operating leases with various expiration dates through fiscal 2034. The Company has no lease agreements that are classified as finance leases. The components of lease costs, lease term, and discount rate for operating leases are as follows: Year Ended January 31, 2024 2023 2022 Operating lease costs (in thousands) $ 40,897 $ 36,542 $ 36,494 Short-term lease costs (in thousands) 3,488 2,946 3,240 Variable lease costs (in thousands) 2,663 2,269 1,452 Total lease costs $ 47,048 $ 41,757 $ 41,186 Weighted-average remaining lease term (in years) 8.8 10.2 11.4 Weighted-average discount rate 9.5 % 9.6 % 9.5 % Supplemental cash flow information related to operating leases are as follows (in thousands): Year Ended January 31, 2024 2023 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 41,389 $ 34,816 $ 12,021 Right-of-use assets obtained in exchange for new operating lease liabilities $ 29,887 $ 17,809 $ 7,997 Right-of-use reductions related to operating lease impairments $ 4,900 $ — $ — Future minimum lease payments (net of tenant improvement receivables) under non-cancelable operating leases with initial lease terms in excess of one year included in the Company’s lease liabilities as of January 31, 2024, are as follows (in thousands): Fiscal year ending January 31, Operating Lease Payments 2025 $ 40,608 2026 38,859 2027 39,074 2028 39,180 2029 and thereafter 197,049 Total undiscounted operating lease payments 354,770 Less: imputed interest (120,507) Total operating lease liabilities $ 234,263 During the year ended January 31, 2024, the Company executed a sublease for a portion of its corporate office space in San Francisco, California. The Company evaluated the associated asset group for impairment, which included the ROU assets and underlying property and equipment for the lease. The Company compared the expected future undiscounted cash flows to the carrying value and determined the respective asset group was not recoverable. The Company calculated the fair value based on the present value of the estimated cash flows from the sublease for the remaining lease term and compared the estimated fair value to its carrying value, which resulted in a $5.0 million consolidated impairment charge. The fair value of the operating lease ROU assets and associated property and equipment was estimated as of the sublease execution date using level 3 inputs based on an income approach by converting future sublease cash inflows and outflows to a single present value. Estimated cash flows were discounted at a rate commensurate with the inherent risks associated with the asset group to arrive at an estimate of fair value. The impairment charge was included in general and administrative expenses in the consolidated statements of operations. The sublease commenced during the year ended January 31, 2024 and has a lease term of five years. The Company has classified the sublease as an operating lease. Sublease income was $0.8 million for the year ended January 31, 2024. There was no sublease income for the year ended January 31, 2023 and January 31, 2022. The Company recognizes sublease income as a reduction of lease expense in the Company’s consolidated statements of operations. Operating lease amounts in the table above do not include sublease income payments of $8.7 million. As of January 31, 2024, the future total minimum sublease payments to be received were as follows (in thousands): Fiscal year ending January 31, Sublease Payments to be Received 2025 $ 1,556 2026 1,919 2027 1,976 2028 2,036 2029 and thereafter 1,208 Total sublease income $ 8,695 |
Leases | Leases The Company leases real estate facilities under non-cancelable operating leases with various expiration dates through fiscal 2034. The Company has no lease agreements that are classified as finance leases. The components of lease costs, lease term, and discount rate for operating leases are as follows: Year Ended January 31, 2024 2023 2022 Operating lease costs (in thousands) $ 40,897 $ 36,542 $ 36,494 Short-term lease costs (in thousands) 3,488 2,946 3,240 Variable lease costs (in thousands) 2,663 2,269 1,452 Total lease costs $ 47,048 $ 41,757 $ 41,186 Weighted-average remaining lease term (in years) 8.8 10.2 11.4 Weighted-average discount rate 9.5 % 9.6 % 9.5 % Supplemental cash flow information related to operating leases are as follows (in thousands): Year Ended January 31, 2024 2023 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 41,389 $ 34,816 $ 12,021 Right-of-use assets obtained in exchange for new operating lease liabilities $ 29,887 $ 17,809 $ 7,997 Right-of-use reductions related to operating lease impairments $ 4,900 $ — $ — Future minimum lease payments (net of tenant improvement receivables) under non-cancelable operating leases with initial lease terms in excess of one year included in the Company’s lease liabilities as of January 31, 2024, are as follows (in thousands): Fiscal year ending January 31, Operating Lease Payments 2025 $ 40,608 2026 38,859 2027 39,074 2028 39,180 2029 and thereafter 197,049 Total undiscounted operating lease payments 354,770 Less: imputed interest (120,507) Total operating lease liabilities $ 234,263 During the year ended January 31, 2024, the Company executed a sublease for a portion of its corporate office space in San Francisco, California. The Company evaluated the associated asset group for impairment, which included the ROU assets and underlying property and equipment for the lease. The Company compared the expected future undiscounted cash flows to the carrying value and determined the respective asset group was not recoverable. The Company calculated the fair value based on the present value of the estimated cash flows from the sublease for the remaining lease term and compared the estimated fair value to its carrying value, which resulted in a $5.0 million consolidated impairment charge. The fair value of the operating lease ROU assets and associated property and equipment was estimated as of the sublease execution date using level 3 inputs based on an income approach by converting future sublease cash inflows and outflows to a single present value. Estimated cash flows were discounted at a rate commensurate with the inherent risks associated with the asset group to arrive at an estimate of fair value. The impairment charge was included in general and administrative expenses in the consolidated statements of operations. The sublease commenced during the year ended January 31, 2024 and has a lease term of five years. The Company has classified the sublease as an operating lease. Sublease income was $0.8 million for the year ended January 31, 2024. There was no sublease income for the year ended January 31, 2023 and January 31, 2022. The Company recognizes sublease income as a reduction of lease expense in the Company’s consolidated statements of operations. Operating lease amounts in the table above do not include sublease income payments of $8.7 million. As of January 31, 2024, the future total minimum sublease payments to be received were as follows (in thousands): Fiscal year ending January 31, Sublease Payments to be Received 2025 $ 1,556 2026 1,919 2027 1,976 2028 2,036 2029 and thereafter 1,208 Total sublease income $ 8,695 |
Net Loss per Share
Net Loss per Share | 12 Months Ended |
Jan. 31, 2024 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Net Loss per Share The Company computes net loss per share using the two-class method required for multiple classes of common stock and participating securities. The rights, including the liquidation and dividend rights, of the Class A common stock and Class B common stock are substantially identical, other than voting rights. Accordingly, the Class A common stock and Class B common stock share equally in the Company’s net income and losses. The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data): Year Ended January 31, 2024 2023 2022 Numerator: Net loss $ (257,030) $ (407,768) $ (288,342) Denominator: Weighted-average shares used in calculating net loss per share, basic and diluted 220,406 200,034 176,401 Net loss per share, basic and diluted $ (1.17) $ (2.04) $ (1.63) The potential shares of common stock that were excluded from the computation of diluted net loss per share for the period presented because including them would have been anti-dilutive are as follows (in thousands): Year Ended January 31, 2024 2023 2022 Stock options 9,788 11,941 14,383 Restricted stock units 17,190 14,591 8,812 Early exercised stock options — 28 205 Shares issuable pursuant to the 2020 Employee Stock Purchase Plan 485 528 249 Total 27,463 27,088 23,649 As noted in N ote 6. Convertible Notes—Related Party, the Convertible Notes were converted into 17,012,822 shares of the Company’s Class B common stock in July 2021. The shares underlying the Convertible Notes were previously excluded from diluted EPS because the effect would have been anti-dilutive. |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) | 12 Months Ended |
Jan. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stockholders' Equity (Deficit) | Stockholders’ Equity (Deficit) Common Stock There are two classes of common stock that total 1,500,000,000 authorized shares: 1,000,000,000 authorized shares of Class A common stock and 500,000,000 authorized shares of Class B common stock. The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to 10 votes per share and is convertible into one share of Class A common stock. Prior to the Direct Listing, which was completed on September 30, 2020, all 73,577,455 outstanding shares of redeemable convertible preferred stock were converted into an equivalent number of shares of Class B common stock. There are 139,238,565 shares of Class A common stock and 85,489,359 shares of Class B common stock issued and outstanding as of January 31, 2024. There were 128,803,395 shares of Class A common stock and 85,489,359 shares of class B common stock issued and outstanding as of January 31, 2023. All changes in the number of shares of common stock outstanding for the years ended January 31, 2024 and 2023, were related to changes in Class A common stock. Private Placement—Related Party In September 2022, the Company issued and sold 19,273,127 shares of its Class A common stock to the Company’s CEO in a private placement transaction at a purchase price of $18.16 per share, based on the closing trading price of the Company’s Class A common stock on September 2, 2022, for aggregate gross proceeds of approximately $350 million. The Company incurred issuance costs related to the private placement of $2.7 million. The Company recorded the proceeds (net of issuance costs) of $347.3 million as additional paid-in capital within the consolidated statements of stockholders’ equity (deficit) for the year ended January 31, 2023. Stock Plans The Company has a 2009 Stock Plan (the “2009 Plan”), a 2012 Amended and Restated Stock Plan (the “2012 Plan”), and a 2020 Equity Incentive Plan (the “2020 Plan”). Each plan was initially established to grant equity awards to employees and consultants of the Company to assist in attracting, retaining, and motivating employees and consultants and to provide incentives to promote the success of the Company’s business. The number of shares reserved for issuance under the 2020 Plan increased by 9,414,923 shares of Class A common stock on February 1, 2022, by 10,714,637 shares of Class A common stock on February 1, 2023, and by 11,236,396 shares of Class A common stock on February 1, 2024 pursuant to the evergreen provisions of the 2020 Plan. There are no outstanding awards under the 2009 Plan, and new issuances under the 2012 Plan terminated upon completion of the Direct Listing. Awards outstanding under the 2012 Plan continue to be outstanding and are governed by the provisions of the 2012 Plan. The 2020 Plan provides for the grant of incentive stock options (“ISOs”), within the meaning of Section 422 of the Code, nonstatutory stock options (“NSOs”), stock appreciation rights, restricted stock awards (“RSUs”), performance-based stock awards, and other forms of equity compensation. ISOs may be granted only to Company employees (including officers and directors who are also employees). NSOs may be granted to Company employees and consultants. Options under the 2020 Plan may be granted for periods of up to 10 years. The exercise price of ISOs and NSOs shall not be less than 100% of the estimated fair value of the shares on the date of grant as determined by the Company’s board of directors (the “Board of Directors”). Options granted generally vest over four years and vest at a rate of 25% upon the first anniversary of the vesting commencement date and 1/48 per month thereafter. The Company has outstanding RSU awards issued pursuant to the 2012 Plan and 2020 Plan. RSUs granted generally vest on a predefined rate over a period of four years contingent upon continuous service. Shares of common stock purchased under the 2012 Plan are subject to certain restrictions and repurchase rights. Stock Options Option activity under the Company’s combined stock plans is set forth below (in thousands, except years and per share data): Number of Shares Weighted- Average Exercise Price Weighted- Aggregate Intrinsic Value Balances as of January 31, 2023 11,941 $ 2.96 5.1 $ 149,738 Options granted — — Options exercised (2,101) 2.31 Options forfeited (52) 5.51 Balances as of January 31, 2024 9,788 3.09 4.2 $ 140,292 Vested and exercisable at January 31, 2024 9,568 3.10 4.2 $ 137,045 Vested and expected to vest at January 31, 2024 9,788 3.09 4.2 $ 140,292 The weighted-average grant-date fair value of options granted and the total intrinsic value of options exercised during the periods presented were as follows: Year Ended January 31, 2024 2023 2022 Weighted-average grant-date fair value per share $ — $ — $ — Aggregate intrinsic value of options exercised (in thousands) $ 38,757 $ 52,687 $ 404,964 Early Exercise of Employee Options The 2009 Plan and 2012 Plan allow for the early exercise of stock options. The consideration received for an early exercise of an option is considered to be a deposit of the exercise price, and the related dollar amount is recorded as a liability and reflected in accrued expenses and other current liabilities and other liabilities in the consolidated balance sheets. This liability is reclassified to additional paid-in capital as the awards vest. If a stock option is early exercised, the unvested shares may be repurchased by the Company in case of employment termination at the price paid by the purchaser for such shares. No shares were subject to repurchase as of January 31, 2024 and a total of 27,864 shares were subject to repurchase as of January 31, 2023. Restricted Stock Units The Company’s RSU activity is set forth below (in thousands, except per share data): Number of Shares Weighted- Average Grant Date Fair Value Aggregate Intrinsic Value Unvested RSUs at January 31, 2023 14,591 $ 27.75 $ 226,145 RSUs granted 13,344 20.01 RSUs vested (7,404) 25.63 RSUs forfeited (3,341) 25.75 Unvested RSUs at January 31, 2024 17,190 23.04 $ 299,450 RSUs vested, not yet released at January 31, 2024 806 32.82 Stock-Based Compensation Expense Stock-based compensation for stock-based awards to employees and non-employees in the Company’s consolidated statements of operations for the periods below were as follows (in thousands): Year Ended January 31, 2024 2023 2022 Cost of revenues $ 1,549 $ 1,658 $ 806 Research and development 112,619 100,083 57,480 Sales and marketing 59,217 58,504 29,631 General and administrative 29,033 28,717 16,644 Total stock-based compensation expense $ 202,418 $ 188,962 $ 104,561 The stock-based compensation expense related to options granted to non-employees for the years ended January 31, 2024, 2023, and 2022 was not material. Total unrecognized compensation costs related to unvested awards not yet recognized under all equity compensation plans was as follows: As of January 31, 2024 Unrecognized Expense Weighted-Average Expected Recognition Period Stock options $ 285 3.7 RSUs 358,188 2.9 Total unrecognized stock-based compensation expense $ 358,473 2.9 As of January 31, 2023 Unrecognized Expense Weighted-Average Expected Recognition Period Stock options $ 3,230 1.6 RSUs 369,302 2.9 Total unrecognized stock-based compensation expense $ 372,532 2.9 2020 Employee Stock Purchase Plan In September 2020, the Board of Directors adopted and approved the 2020 Employee Stock Purchase Plan which became effective on the effective date of the Company's registration statement on Form S-1 filed with the SEC in connection with the Direct Listing. The ESPP initially reserved and authorized the issuance of up to a total of 2,000,000 shares of Class A common stock to participating employees. The number of shares reserved under the ESPP was automatically increased on February 1, 2021 to 3,614,801 shares of Class A common stock, to 5,497,785 on February 1, 2022, to 7,640,712 on February 1, 2023, and to 9,887,991 on February 1, 2024 pursuant to the evergreen provisions of the ESPP. Subject to any limitations contained therein, the ESPP allows eligible participants to contribute, through payroll deductions, up to 15% of their eligible compensation to purchase shares of the Company’s Class A common stock at a purchase price equal to 85% of the fair market value of the Class A common stock on either the first day of the offering period or the purchase date, whichever fair market value is lower. The ESPP generally provides for consecutive 24-month offering periods, each consisting of four separate consecutive purchase periods of approximately six months in length. The ESPP also includes a two year look back in purchase price, including a reset feature. The reset feature is triggered if the price on the date of purchase is less than the price on the first day of the offering period. During the years ended January 31, 2024, 2023, and 2022 the Company recog nized $11.4 million, $12.8 million, and $8.0 million respectively, of sto ck-based compensation expense related to the ESPP. The Company withheld $7.2 million and $6.9 million as of January 31, 2024 and 2023, respectively, in contributions from employees. As of January 31, 2024, total unrecognized compensation cost related to the ESPP was $10.4 million, which will be amortized over a weighted average vesting term of 1.1 years. The following assumptions were used to calculate the fair value of shares to be granted under the ESPP during the period: Year Ended January 31, 2024 2023 2022 Risk-free interest rate 4.1% - 5.5% 0.9%-4.0% 0.1%-0.2% Expected term 0.5 - 2.0 years 0.5 - 2.0 years 0.5 - 2.0 years Dividend yield —% 0% 0% Expected volatility 39.3% - 60.3% 46.2% - 64.1% 36.8% - 53.8% |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jan. 31, 2024 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit PlansIn January 2011, the Company adopted a defined contribution retirement savings plan under Section 401(k) of the Internal Revenue Code. This plan covers all employees within the United States who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. The Company’s contributions to the plan may be made at the discretion of the Board of Directors. There have been no contributions to the plan by the Company since the inception of the plan as of January 31, 2024. Additionally, the Company engages in required pension plans of respective countries in which operations exist. |
Interest Income and Other Incom
Interest Income and Other Income (Expense), Net | 12 Months Ended |
Jan. 31, 2024 | |
Other Income and Expenses [Abstract] | |
Interest Income and Other Income (Expense), Net | Interest Income and Other Income (Expense), Net Interest income and other income (expense), net consist of the following (in thousands): Year Ended January 31, 2024 2023 2022 Interest income $ 21,128 $ 7,910 $ 506 Unrealized gains (losses) on foreign currency transactions (164) 801 (953) Other non-operating expense (340) (1,778) (1,089) Total interest income and other income (expense), net $ 20,624 $ 6,933 $ (1,536) Other non-operating expense consists primarily of realized foreign currency gains and losses on transactions in the periods presented. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of the provision for income taxes were as follows (in thousands): Year Ended January 31, 2024 2023 2022 Current: United States $ — $ — $ — State 318 45 — Foreign 3,239 4,009 3,031 Total current $ 3,557 $ 4,054 $ 3,031 Deferred: United States $ — $ — $ — State — — — Foreign 148 821 206 Total deferred 148 821 206 Total provision for income taxes $ 3,705 $ 4,875 $ 3,237 The components of income (loss) before income taxes were as follows (in thousands): Year Ended January 31, 2024 2023 2022 United States $ (262,894) $ (413,505) $ (292,759) Foreign 9,569 10,612 7,654 Total $ (253,325) $ (402,893) $ (285,105) The reconciliation between the statutory federal income tax and the Company’s effective tax rates as a percentage of loss before income taxes were as follows: Year Ended January 31, 2024 2023 2022 Federal tax rate 21.0 % 21.0 % 21.0 % Stock-based compensation expense (3.6) (2.4) 25.0 Change in valuation allowance (21.4) (23.1) (52.8) Transaction costs — (0.1) — Research and development credits 3.5 4.9 7.7 Convertible debt interest — — (1.3) Other (1.0) (1.5) (0.8) Effective income tax rate (1.5) % (1.2) % (1.2) % The major components of deferred tax assets (liabilities) were as follows (in thousands): As of January 31, 2024 2023 Deferred tax assets: Net operating loss carryforwards $ 285,152 $ 282,705 Research and development tax credits 96,548 87,059 Stock-based compensation 14,552 14,731 Reserves and accrued expenses 7,860 6,714 Operating lease liabilities 56,532 52,922 R&D expense capitalization under Sec. 174 125,080 76,765 Total deferred tax assets 585,724 520,896 Valuation allowance (532,423) (470,548) Total deferred tax assets, net of valuation allowance 53,301 50,348 Deferred tax liabilities: Right of use asset (43,320) (41,434) Deferred commissions (8,588) (8,020) Depreciation and amortization (2,704) (2,123) Total deferred tax liabilities (54,612) (51,577) Net deferred tax liabilities $ (1,311) $ (1,229) The valuation allowance increased by $61.9 million, $113.6 million, and $174.4 million during the years ended January 31, 2024, 2023, and 2022, respectively. The increase in the valuation allowance during the years ended January 31, 2024 and 2023 were primarily driven by research and development expense capitalization under Sec. 174, loss carryforwards, and tax credits generated in the United States. The increase in the valuation allowance during the year ended January 31, 2022 was primarily driven by losses and tax credits generated in the United States. As of January 31, 2024, 2023, and 2022, the Company believes it is not more likely than not that the deferred tax assets will be fully realizable and continues to maintain a full valuation allowance against its net deferred tax assets. As of January 31, 2024 , the Company had federal and state net operating loss carryforwards of $1,167.3 million and $665.2 million , respectively. The federal and state net operating losses, if not used, will begin to expire in 2029 . Federal net operating losses generated after January 31, 2018 will carry forward indefinitely. As of January 31, 2024, the Company has federal and California research and development tax credit carryforwards of $85.0 million and $54.8 million, respectively, to offset future taxable income. The federal research and development tax credits, if not used, will begin to expire in 2030, while the state tax credit carryforwards may be carried forward indefinitely. The Tax Reform Act of 1986 limits the use of net operating loss and tax credit carryforwards in certain situations where changes occur in the stock ownership of a company. Under Section 382 of the Internal Revenue Code of 1986, as amended, the Company’s ability to utilize net operating loss carryforwards or other tax attributes in any taxable year may be limited if the Company has experienced an “ownership change.” Generally, a Section 382 “ownership change” occurs if one or more stockholders or groups of stockholders who owns at least 5% of a corporation’s stock increases its ownership by more than 50 percentage points over its lowest ownership percentage within a specified testing period. Similar rules may apply under state tax laws. The Company has completed a Section 382 study of transactions in its stock through January 31, 2020. The study concluded that the Company has experienced ownership changes since inception and that its utilization of net operating loss carryforwards will be subject to annual limitations. However, it is not expected that the annual limitations will result in the expiration of tax attribute carryforwards prior to utilization. Under the Tax Cuts and Jobs Act of 2017, research and development costs are no longer fully deductible and are required to be capitalized and amortized for U.S. tax purposes effective January 1, 2022. This tax law change did not result in any U.S. federal tax liability due to the use of existing U.S. federal net operating loss carryforwards. It did result in incremental state tax liability and expense due to limitations on the use of existing state net operating loss carryforwards. Foreign withholding taxes have not been provided for the cumulative undistributed earnings of the Company’s foreign subsidiaries as of January 31, 2024 due to the Company’s intention to permanently reinvest such earnings. No liability related to uncertain tax positions is recorded in the financial statements due to the fact the liabilities have been netted against deferred attribute carryovers. A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits was as follows (in thousands): As of January 31, 2024 2023 Balance at the beginning of the year $ 31,738 $ 19,826 Increases - current period tax positions 5,444 7,666 Increases - prior period tax positions — 4,246 Decreases - prior period tax positions (2,222) — Balance at the end of the year $ 34,960 $ 31,738 The Company had no accrued interest and penalties related to unrecognized tax benefits as of January 31, 2024 or January 31, 2023. As of January 31, 2024, there are no unrecognized tax benefits that, if recognized, would affect the Company’s effective tax rate. The Company does not expect that its uncertain tax positions will materially change in the next 12 months. The Company files federal and state tax returns in the United States and in various foreign jurisdictions. The Company’s tax years since inception are open to examination by federal and state taxing authorities, and the tax years 2018 and forward remain open in various foreign jurisdictions. |
Geographic Information
Geographic Information | 12 Months Ended |
Jan. 31, 2024 | |
Segment Reporting [Abstract] | |
Geographic Information | Geographic Information The following tables set forth revenues and long-lived assets, including operating lease ROU assets, by geographic area for the periods presented below (in thousands): Revenues Year Ended January 31, 2024 2023 2022 United States $ 398,034 $ 330,238 $ 219,305 International 254,470 216,974 159,132 Total revenues $ 652,504 $ 547,212 $ 378,437 Revenues by geography are based on the shipping address of the customer. Long-Lived Assets As of January 31, 2024 2023 United States $ 271,844 $ 265,582 International 6,430 5,591 Total long-lived assets $ 278,274 $ 271,173 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jan. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions In January and June 2020, the Company issued Convertible Notes to a trust affiliated with the Company’s CEO. The Company elected to convert these Convertible Notes on July 1, 2021. See Note 6. Convertible Notes—Related Party for further details. During the fiscal year ended January 31, 2020, the Company began leasing certain office facilities from a company affiliated with Board members of the Company. Rent payments made under these leases totaled $1.6 million and $2.0 million for the years ended January 31, 2024 and 2023, respectively. The Company has entered into various agreements with the same company and has recognized revenue of $0.9 million and $0.7 million for the years ended January 31, 2024 and 2023, respectively. There was no customer receivable amount as of January 31, 2024 and a customer receivable amount of $1.7 million as of January 31, 2023. The Company has entered into an advertising agreement with a company affiliated with a Board member of the Company. Payments under this agreement totaled $1.1 million and $1.8 million for th e years ended January 31, 2024 and 2023, respectively. The Company has entered into an advertising agreement with a company affiliated with a Board member of the Company. Payments under this agreement totaled $2.0 million and $3.2 million for th e years ended January 31, 2024 and 2023, respectively. In September 2022, the Company issued and sold 19,273,127 shares of its Class A common stock to the Company’s CEO in a private placement transaction at a purchase price of $18.16 per share, based on the closing trading price of the Company’s Class A common stock on September 2, 2022, for aggregate gross proceeds of approximately $350 million. See Note 11. Stockholders’ Equity (Deficit) for further details. |
Restructuring
Restructuring | 12 Months Ended |
Jan. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring On November 15, 2022, the Company authorized a plan to reduce its global headcount by approximately 9%. This plan was adopted as part of a restructuring intended to improve operational efficiencies and operating costs and better align the Company’s workforce with current business needs, top strategic priorities, and key growth opportunities. Non-recurring charges in connection with the headcount reductions include notice period and severance payments, employee benefits, and related facilitation costs as well as non-cash expenditures related to the accelerated vesting of share-based awards, which resulted in $9.3 million of restructuring costs for the year ended January 31, 2023. The headcount reductions, including cash payments, were substantially completed by the end of fiscal 2023. The consolidated balance sheet as of January 31, 2023 includes $0.9 million of restructuring costs classified in current liabilities. The restructuring costs are recognized in the consolidated statement of operations for the year ended January 31, 2023 as follows: Severance and Related Charges Stock-Based Compensation Expense (Benefit) Total Cost of revenues $ 512 $ 38 $ 550 Research and development 33 2 35 Sales and marketing 5,921 661 6,582 General and administrative 1,914 179 2,093 Total $ 8,380 $ 880 $ 9,260 The following table summarizes the Company’s restructuring liabilities (in thousands): Restructuring Liability Beginning balance as of February 1, 2023 $ 873 Charges (benefit) (147) Payments (707) Foreign currency translation adjustment (19) Ending balance as of January 31, 2024 $ — |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Pay vs Performance Disclosure | |||
Net loss | $ (257,030) | $ (407,768) | $ (288,342) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 12 Months Ended |
Jan. 31, 2024 shares | Jan. 31, 2024 shares | |
Trading Arrangements, by Individual | ||
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Eleanor Lacey [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On December 22, 2023, Eleanor Lacey, our Corporate Secretary and General Counsel, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 134,894 shares of the Company’s Class A common stock. The Rule 10b5-1 trading arrangement provides for the sale of a percentage of shares to be received upon future vesting of certain outstanding equity awards, net of any shares withheld by us to satisfy applicable taxes. The number of shares to be withheld, and thus the exact number of shares to be sold pursuant to Ms. Lacey’s Rule 10b5-1 trading arrangement, can only be determined upon the occurrence of the future vesting events. For purposes of this disclosure, we have reported the maximum aggregate number of shares to be sold without subtracting any shares to be withheld upon future vesting events. The plan terminates on June 18, 2025, or upon the earlier completion of all authorized transactions under the plan. | |
Name | Eleanor Lacey | |
Title | Corporate Secretary and General Counsel | |
Rule 10b5-1 Arrangement Adopted | true | |
Arrangement Duration | 544 days | |
Aggregate Available | 134,894 | 134,894 |
Tim Wan [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On December 26, 2023, Tim Wan, our Chief Financial Officer, modified his existing Rule 10b5-1(c) trading arrangement, originally adopted on March 20, 2023 to amend the trading schedules under the plan. The modified trading arrangement is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 50,000 shares of the Company’s Class A common stock. The amended plan terminates on April 12, 2025, or upon the earlier completion of all authorized transactions under the plan. | |
Name | Tim Wan | |
Title | Chief Financial Officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Non-Rule 10b5-1 Arrangement Adopted | false | |
Arrangement Duration | 473 days | |
Aggregate Available | 50,000 | 50,000 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2024 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”) and include the accounts of the Company’s wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated on consolidation. |
Reclassification of Class A and Class B Common Stock | Reclassification of Class A and Class B Common Stock |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and accompanying notes. Estimates and assumptions reflected in the consolidated financial statements include, but are not limited to, revenue recognition, the useful lives and carrying values of long-lived assets, the fair value of the Convertible Notes (as defined in N ote 6. Convertible Notes—Related Party ), the fair value of common stock for periods prior to the Direct Listing, stock-based compensation expense, the period of benefit for deferred contract acquisition costs, income taxes, and the valuation of right-of-use assets. Actual results could differ from those estimates. |
Risks and Uncertainties | Risks and Uncertainties Global macroeconomic events including elevated inflation, the U.S. Federal Reserve raising interest rates, bank failures, supply chain disruptions, fluctuations in currency exchange rates, the Russian invasion of Ukraine, the current armed conflict in Israel and the Gaza Strip, and the residual impact of the COVID-19 pandemic have led to economic uncertainty. These macroeconomic conditions have and are likely to continue to have adverse effects on the rate of global IT spending, including the buying patterns of the Company’s customers and prospective customers. The conditions caused by the aforementioned macroeconomic events have affected and could continue to affect the rate of global IT spending and could adversely affect demand for the Company’s platform, lengthen the Company’s sales cycles, reduce the value or duration of subscriptions, negatively impact collections of accounts receivable, reduce expected spending from new customers, cause some of the Company’s paying customers to go out of business, and affect contraction or attrition rates of the Company’s customers, all of which could adversely affect the Company’s business, results of operations, and financial condition. As of the date of issuance of the |
Revenue Recognition | Revenue Recognition The Company derives its revenues from subscription fees earned from customers accessing the platform. The Company’s policy is to exclude sales and other indirect taxes when measuring the transaction price of its subscription agreements. The Company accounts for revenue contracts with customers by applying the requirements of ASC 606, Revenue from Contracts with Customers , which includes the following steps: • identification of the contract, or contracts, with the customer; • identification of the performance obligations in the contract; • determination of the transaction price; • allocation of the transaction price to the performance obligations in the contract; and • recognition of the revenues when, or as, the Company satisfies a performance obligation. The Company’s subscription agreements generally have monthly or annual contractual terms and are billed in advance. Revenues are recognized ratably over the related contractual term beginning on the date that the platform is made available to a customer. The Company recognizes revenues ratably because the customer receives and consumes the benefits of the platform throughout the contractual period. Access to the platform represents a series of distinct services that comprise a single performance obligation that is satisfied over time. The Company’s contracts are generally non-cancelable and non-refundable in the event of cancellations. |
Research and Development | Research and Development Research and development expenses consist primarily of personnel-related expenses such as salaries and related benefits for the Company’s product development employees. Also included are non-personnel costs such as product design costs, third-party services and consulting expenses, depreciation expense related to equipment used in research and development activities, and allocation of the Company’s general overhead expenses. |
Advertising Expenses | Advertising Expenses |
Stock‑Based Compensation Expense | Stock‑Based Compensation Expense The Company records stock-based compensation expense for all stock-based awards, including stock options, purchase rights issued under the 2020 Employee Stock Purchase Plan, and restricted stock units, made to employees, non-employees, and directors based on estimated fair values recognized over the requisite service period. The fair value of stock options granted and purchase rights issued under the ESPP for purposes of calculating stock-based compensation expense is estimated on the grant date using the Black-Scholes pricing model. The Black-Scholes pricing model requires the Company to make assumptions and judgments about the inputs used in the calculation, including the expected term (weighted-average period of time that the options granted are expected to be outstanding), the volatility of the Company’s common stock, risk-free interest rate, and expected dividend yield. The expected term represents the period that the Company’s stock-based awards are expected to be outstanding. The expected term assumptions are determined based on the vesting terms, exercise terms, and contractual lives of the options. The volatility is based on an average of the historical volatilities of the common stock of comparable public companies with characteristics similar to those of the Company. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. The Company’s expected dividend yield input is zero as it has not historically paid, nor does it expect in the future to pay, cash dividends on its common stock. Stock-based compensation expense for RSUs is measured based on the fair value of the underlying shares on the date of grant. |
Foreign Currency Translations and Transactions | Foreign Currency Translation and Transactions The functional currency of each of the Company’s wholly owned subsidiaries is the applicable local currency or the U.S. dollar. The translation of foreign currencies into U.S. dollars is performed for assets and liabilities using current foreign currency exchange rates in effect at the balance sheet date and for revenues and expense accounts using average foreign currency exchange rates during the period. Capital accounts are translated at historical foreign currency exchange rates. Translation gains and losses are included in stockholders’ equity (deficit) as a component of accumulated other comprehensive income (loss). Adjustments that arise from foreign currency exchange rate changes on transactions denominated in a currency other than the functional currency are included in interest income and other income (expense), net on the consolidated statements of operations and were not material for the years ended January 31, 2024, 2023, and 2022. |
Segment Information | Segment Information |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities at the date of purchase of three months or less to be cash equivalents. Cash and cash equivalents are stated at cost, which approximates fair value. |
Available-for-sale Investments | Available-for-sale Investments Marketable securities are partially comprised of U.S. government securities, commercial paper, corporate bonds, and agency bonds with an original contractual maturity or a remaining maturity at the time of purchase of greater than three months and no more than 37 months. The Company classifies its securities as available-for-sale at the time of purchase and reevaluates such classification at each balance sheet date. The Company may sell these securities at any time for use in current operations even if they have not yet reached maturity. As a result, the Company classifies its marketable securities, including securities with stated maturities beyond twelve months, within current assets in the condensed consolidated balance sheets. Available-for-sale securities are carried at fair value with unrealized gains and losses reported in accumulated other comprehensive income (loss) as a separate component of stockholders’ equity (deficit). Unrealized gains and losses for any marketable securities that management intends to sell or is more likely than not that management will be required to sell prior to their anticipated recovery are recorded in interest income and other income (expense), net. Interest receivable on these securities is presented in prepaid expenses and other current assets on the consolidated balance sheets. Realized gains and losses, other-than-temporary impairments (prior to the Company’s adoption of ASU No. 2016-13 on February 1, 2021), and the recognition of expected credit losses (subsequent to the Company’s adoption of ASU No. 2016-13 on February 1, 2021), if any, on available-for-sale securities are recognized upon sale and are included in interest income and other income (expense), net in the consolidated statements of operations. The cost of securities sold is based on the specific identification method. Marketable securities are reviewed |
Accounts Receivable | Accounts Receivable Accounts receivable are stated at realizable value, net of allowance for expected credit losses. The allowance for expected credit losses is based on the Company’s assessment of the collectability of its accounts receivable, which considers the Company’s historical write-offs of uncollectible accounts, an analysis of the aging of outstanding accounts receivable, specific customers with known adverse financial conditions, and considers other relevant factors, including contractual terms and current and future economic conditions. The Company also considers current market conditions and current and future economic conditions in reviewing the adequacy of the allowance. The Company reassesses the adequacy of the allowance for credit losses each reporting period. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, and marketable securities. The Company deposits its cash and cash equivalents with financial institutions that management believes are of high credit quality, although such deposits may, at times, exceed federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents to date. Cash equivalents are invested in highly rated securities. The Company grants credit to customers in the normal course of business. For the years ended January 31, 2024, 2023, and 2022, there were no individual customers that accounted for 10% or more of the Company’s revenues. The Company had no customers that accounted for 10% or more of accounts receivable at January 31, 2024 and 2023. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the reporting date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. Fair value is estimated by utilizing a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 Observable inputs comprised of quoted prices for identical assets or liabilities in active markets. Level 2 Inputs other than the quoted prices in active markets that are observable either directly or indirectly. Level 3 Unobservable inputs in which there is little or no market data and that are significant to the fair value of the assets or liabilities. In determining fair value, a financial instrument’s classification within the three-tier fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considers counterparty credit risk in its assessment of fair value. The carrying amount of certain financial instruments, including cash, accounts receivable, accounts payable, and accrued liabilities approximates their fair values due to their short-term nature. |
Lease Obligations | Lease Obligations The Company determines if an arrangement is a lease at inception by determining if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration and other facts and circumstances. Right-of-use assets and lease liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commencement. As the Company’s leases do not provide an implicit rate, the Company uses the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate is a hypothetical rate based on the Company’s understanding of what its credit rating would be. The ROU assets also include any lease payments made prior to commencement and are recorded net of any lease incentives received. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. The lease agreements may contain variable costs such as common area maintenance, insurance, real estate taxes or other costs. Variable lease costs are expensed as incurred on the consolidated statements of operations. The Company’s lease agreements generally do not contain any residual value guarantees, restrictions, or covenants. The Company has lease agreements with lease and non-lease components. The Company elects to combine lease and non-lease components as a single lease component for all classes of underlying assets. The Company elects to not record leases with an initial term of 12 months or less on the balance sheet and the associated lease payments are recognized in the consolidated statements of operations on a straight-line basis over the lease term. |
Property and Equipment, Net, Capitalized Internal-Use Software, and Impairment of Long-Lived Assets | Property and Equipment, Net The Company records its property and equipment at cost. Depreciation is computed on the straight-line method over the estimated useful lives of two Asset Type Life (Years) Desktop and other computer equipment 2-3 Furniture and fixtures 5 Leasehold improvements Shorter of lease term or estimated useful life Capitalized internal-use software 3 Capitalized Internal-Use Software The Company capitalizes certain internal software development costs, consisting primarily of direct labor associated with creating the internally developed software. Capitalized costs are amortized using the straight-line method over the estimated useful life of the software once it is ready for its intended use. The Company believes the straight-line recognition method best approximates the manner in which the expected benefit will be derived. Impairment of Long-Lived Assets |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method, which requires that deferred income taxes be provided for temporary differences between the tax basis of the Company’s assets and liabilities and their financial statement reported amounts. In addition, deferred tax assets are recorded for the future benefit of utilizing net operating loss carryforwards and research and development credit carryforwards. A valuation allowance is provided against deferred tax assets unless it is more likely than not that they will be realized. If there is significant negative evidence that the near-term realization of certain assets are deemed unlikely, the Company would record a valuation allowance against the deferred tax assets. The Company regularly assesses the continuing need for a valuation allowance against its deferred tax assets. Significant judgment is required to determine whether a valuation allowance continues to be necessary and the amount of such valuation allowance, if appropriate. The Company considers all available evidence, both positive and negative, to determine, based on the weight of available evidence, whether it is more likely than not that some or all of the deferred tax assets will not be realized. In evaluating the continued need for a valuation allowance, the Company considers, among other things, the nature, frequency, and severity of current and cumulative losses, forecasts of future profitability, and the duration of statutory carryforward periods. The Company performs a comprehensive review of potential uncertain tax positions in each jurisdiction in which the Company operates. The Company accounts for uncertain tax positions in accordance with ASC 740, Income Taxes |
Net Loss Per Share | Net Loss Per Share Basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. All series of the Company’s redeemable convertible preferred stock and early exercised stock options are considered to be participating securities because all holders are entitled to receive a non-cumulative dividend on a pari passu basis in the event that a dividend is paid on the common stock. The holders of the redeemable convertible preferred stock do not have a contractual obligation to share in the Company’s losses. As such, the Company’s net losses for the years ended January 31, 2024, 2023, and 2022 were not allocated to these participating securities. The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share attributed to common stockholders will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis. Under the two-class method, basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share attributable to common stockholders adjusts basic earnings per share for the potentially dilutive impact of redeemable convertible preferred stock warrants, stock options, RSUs, and redeemable convertible preferred stock. As the Company has reported losses for all periods presented, all potentially dilutive securities are anti-dilutive, and accordingly, basic net loss per share equaled diluted net loss per share. |
Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The new standard will be effective for the Company for the annual periods beginning February 1, 2024, and for interim periods beginning February 1, 2025, with early adoption permitted. Upon adoption, the guidance should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adoption of the standard on disclosures within its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The guidance is effective for the Company’s fiscal years beginning after February 1, 2025, with early adoption permitted. The Company is currently evaluating the impact of adoption of the standard on its consolidated financial statements. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Accounting Policies [Abstract] | |
Schedule of Property and Equipment, Net | Asset Type Life (Years) Desktop and other computer equipment 2-3 Furniture and fixtures 5 Leasehold improvements Shorter of lease term or estimated useful life Capitalized internal-use software 3 Property and equipment, net, consisted of the following (in thousands): As of January 31, 2024 2023 Leasehold improvements $ 100,795 $ 98,264 Capitalized internal-use software 24,061 15,005 Furniture and fixtures 11,732 10,325 Desktop and other computer equipment 2,122 1,804 Construction in progress 326 652 Total gross property and equipment 139,036 126,050 Less: Accumulated depreciation and amortization (42,493) (31,066) Total property and equipment, net $ 96,543 $ 94,984 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Deferred Contract Acquisition Costs | The following table summarizes the activity of deferred contract acquisition costs (in thousands): Year Ended January 31, 2024 2023 Beginning balance $ 36,583 $ 22,771 Capitalization of contract acquisition costs 24,770 28,910 Amortization of deferred contract acquisition costs (21,972) (15,098) Ending balance $ 39,381 $ 36,583 Deferred contract acquisition costs, current $ 21,594 $ 18,049 Deferred contract acquisition costs, noncurrent 17,787 18,534 Total deferred contract acquisition costs $ 39,381 $ 36,583 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis | The following table summarizes, for assets and liabilities measured at fair value, the respective fair value and classification by level of input within the fair value hierarchy (in thousands): As of January 31, 2024 Level 1 Level 2 Level 3 Total Current Assets Cash equivalents Money market funds $ 89,561 $ — $ — $ 89,561 Commercial paper — 4,991 — 4,991 Total cash equivalents $ 89,561 $ 4,991 $ — $ 94,552 Marketable securities U.S. treasury bonds $ 162,328 $ — $ — $ 162,328 Commercial paper — 11,670 — 11,670 Corporate bonds — 72,608 — 72,608 Agency bonds — 36,195 — 36,195 Total marketable securities $ 162,328 $ 120,473 $ — $ 282,801 Total assets $ 251,889 $ 125,464 $ — $ 377,353 As of January 31, 2023 Level 1 Level 2 Level 3 Total Current Assets Cash equivalents Money market funds $ 289,001 $ — $ — $ 289,001 Total cash equivalents $ 289,001 $ — $ — $ 289,001 Marketable securities Corporate bonds $ — $ 2,739 $ — $ 2,739 Total marketable securities $ — $ 2,739 $ — $ 2,739 Total assets $ 289,001 $ 2,739 $ — $ 291,740 |
Schedule of Debt Securities, Available-for-sale | The following table summarizes the Company's investments in marketable securities on the consolidated balance sheets (in thousands): As of January 31, 2024 Amortized Gross Gross Estimated Current Assets U.S. treasury bonds $ 162,485 $ 85 $ (242) $ 162,328 Commercial paper 11,645 25 — 11,670 Corporate bonds 71,930 695 (17) 72,608 Agency bonds 36,067 128 — 36,195 Total marketable securities $ 282,127 $ 933 $ (259) $ 282,801 As of January 31, 2023 Amortized Gross Gross Estimated Current Assets Corporate bonds $ 2,744 $ — $ (5) $ 2,739 Total marketable securities $ 2,744 $ — $ (5) $ 2,739 |
Schedule of Contractual Maturities | The following table presents the contractual maturities of the Company’s marketable securities as of January 31, 2024 (in thousands): As of January 31, 2024 Amortized Cost Estimated Fair Value Due within one year $ 155,743 $ 155,813 Due within one to three years 126,384 126,988 Total $ 282,127 $ 282,801 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Property and Equipment, Net | Asset Type Life (Years) Desktop and other computer equipment 2-3 Furniture and fixtures 5 Leasehold improvements Shorter of lease term or estimated useful life Capitalized internal-use software 3 Property and equipment, net, consisted of the following (in thousands): As of January 31, 2024 2023 Leasehold improvements $ 100,795 $ 98,264 Capitalized internal-use software 24,061 15,005 Furniture and fixtures 11,732 10,325 Desktop and other computer equipment 2,122 1,804 Construction in progress 326 652 Total gross property and equipment 139,036 126,050 Less: Accumulated depreciation and amortization (42,493) (31,066) Total property and equipment, net $ 96,543 $ 94,984 |
Schedule of Capitalized Software | The changes in the carrying value of capitalized internal-use software costs for the periods presented below are as follows (in thousands): Amount Balance as of February 1, 2022 $ 2,353 Capitalization of internal-use software costs 2,756 Amortization of internal-use software costs (1,074) Balance as of January 31, 2023 $ 4,035 Capitalization of internal-use software costs 9,056 Amortization of internal-use software costs (2,570) Balance as of January 31, 2024 $ 10,521 |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): As of January 31, 2024 2023 Prepaid expenses $ 25,029 $ 25,134 Deferred contract acquisition costs, current 21,594 18,049 Other current assets 5,302 5,543 Total prepaid expenses and other current assets $ 51,925 $ 48,726 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): As of January 31, 2024 2023 Accrued payroll liabilities $ 19,219 $ 22,336 Accrued sales and value-added taxes 10,770 13,347 Accrued taxes for fringe benefits 9,452 8,064 Accrued advertising expenses 9,276 10,565 Accrued consulting expenses 4,287 4,076 Other liabilities 22,817 25,100 Total accrued expenses and other current liabilities $ 75,821 $ 83,488 |
Convertible Notes_Related Par_2
Convertible Notes—Related Party (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Related Party Transactions [Abstract] | |
Summary of the Carrying Amount of Convertible Debt | Interest expense related to the Convertible Notes recorded prior to the conversion was as follows (in thousands): Year Ended January 31, 2024 2023 2022 Amortization of debt discount $ — $ — $ 10,628 Contractual interest expense — — 6,670 Total interest expense $ — $ — $ 17,298 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The net carrying amounts of the November 2022 Senior Secured Credit Facility were as follows (in thousands): As of January 31, 2024 2023 Principal $ 46,875 $ 50,000 Accrued interest 297 218 Unamortized loan issuance costs (132) (179) Net carrying amount $ 47,040 $ 50,039 Credit facilities, current $ 3,422 $ 3,343 Credit facilities, noncurrent $ 43,618 $ 46,696 |
Schedule of Maturities of Long-Term Debt | The expected future principal payments for all borrowings as of January 31, 2024 is as follows (in thousands): Fiscal year ending January 31, Contractual Maturity 2025 $ 3,125 2026 5,000 2027 38,750 Total principal payments $ 46,875 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Leases [Abstract] | |
Schedule of Lease Cost | The components of lease costs, lease term, and discount rate for operating leases are as follows: Year Ended January 31, 2024 2023 2022 Operating lease costs (in thousands) $ 40,897 $ 36,542 $ 36,494 Short-term lease costs (in thousands) 3,488 2,946 3,240 Variable lease costs (in thousands) 2,663 2,269 1,452 Total lease costs $ 47,048 $ 41,757 $ 41,186 Weighted-average remaining lease term (in years) 8.8 10.2 11.4 Weighted-average discount rate 9.5 % 9.6 % 9.5 % Supplemental cash flow information related to operating leases are as follows (in thousands): Year Ended January 31, 2024 2023 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 41,389 $ 34,816 $ 12,021 Right-of-use assets obtained in exchange for new operating lease liabilities $ 29,887 $ 17,809 $ 7,997 Right-of-use reductions related to operating lease impairments $ 4,900 $ — $ — |
Schedule of Operating Lease, Liability, Maturity | Future minimum lease payments (net of tenant improvement receivables) under non-cancelable operating leases with initial lease terms in excess of one year included in the Company’s lease liabilities as of January 31, 2024, are as follows (in thousands): Fiscal year ending January 31, Operating Lease Payments 2025 $ 40,608 2026 38,859 2027 39,074 2028 39,180 2029 and thereafter 197,049 Total undiscounted operating lease payments 354,770 Less: imputed interest (120,507) Total operating lease liabilities $ 234,263 |
Sublease Payments to be Received | As of January 31, 2024, the future total minimum sublease payments to be received were as follows (in thousands): Fiscal year ending January 31, Sublease Payments to be Received 2025 $ 1,556 2026 1,919 2027 1,976 2028 2,036 2029 and thereafter 1,208 Total sublease income $ 8,695 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Net Loss Per Share | The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data): Year Ended January 31, 2024 2023 2022 Numerator: Net loss $ (257,030) $ (407,768) $ (288,342) Denominator: Weighted-average shares used in calculating net loss per share, basic and diluted 220,406 200,034 176,401 Net loss per share, basic and diluted $ (1.17) $ (2.04) $ (1.63) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The potential shares of common stock that were excluded from the computation of diluted net loss per share for the period presented because including them would have been anti-dilutive are as follows (in thousands): Year Ended January 31, 2024 2023 2022 Stock options 9,788 11,941 14,383 Restricted stock units 17,190 14,591 8,812 Early exercised stock options — 28 205 Shares issuable pursuant to the 2020 Employee Stock Purchase Plan 485 528 249 Total 27,463 27,088 23,649 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock Options Activity | Option activity under the Company’s combined stock plans is set forth below (in thousands, except years and per share data): Number of Shares Weighted- Average Exercise Price Weighted- Aggregate Intrinsic Value Balances as of January 31, 2023 11,941 $ 2.96 5.1 $ 149,738 Options granted — — Options exercised (2,101) 2.31 Options forfeited (52) 5.51 Balances as of January 31, 2024 9,788 3.09 4.2 $ 140,292 Vested and exercisable at January 31, 2024 9,568 3.10 4.2 $ 137,045 Vested and expected to vest at January 31, 2024 9,788 3.09 4.2 $ 140,292 |
Summary of Weighted-Average Grant-Date Fair Value of Options Granted and Total Intrinsic Value of Options Exercised | The weighted-average grant-date fair value of options granted and the total intrinsic value of options exercised during the periods presented were as follows: Year Ended January 31, 2024 2023 2022 Weighted-average grant-date fair value per share $ — $ — $ — Aggregate intrinsic value of options exercised (in thousands) $ 38,757 $ 52,687 $ 404,964 |
Schedule of RSU Activity | The Company’s RSU activity is set forth below (in thousands, except per share data): Number of Shares Weighted- Average Grant Date Fair Value Aggregate Intrinsic Value Unvested RSUs at January 31, 2023 14,591 $ 27.75 $ 226,145 RSUs granted 13,344 20.01 RSUs vested (7,404) 25.63 RSUs forfeited (3,341) 25.75 Unvested RSUs at January 31, 2024 17,190 23.04 $ 299,450 RSUs vested, not yet released at January 31, 2024 806 32.82 |
Schedule of Stock-Based Compensation Expense | Stock-based compensation for stock-based awards to employees and non-employees in the Company’s consolidated statements of operations for the periods below were as follows (in thousands): Year Ended January 31, 2024 2023 2022 Cost of revenues $ 1,549 $ 1,658 $ 806 Research and development 112,619 100,083 57,480 Sales and marketing 59,217 58,504 29,631 General and administrative 29,033 28,717 16,644 Total stock-based compensation expense $ 202,418 $ 188,962 $ 104,561 |
Summary of Unrecognized Compensation Costs, Related to Unvested Awards | Total unrecognized compensation costs related to unvested awards not yet recognized under all equity compensation plans was as follows: As of January 31, 2024 Unrecognized Expense Weighted-Average Expected Recognition Period Stock options $ 285 3.7 RSUs 358,188 2.9 Total unrecognized stock-based compensation expense $ 358,473 2.9 As of January 31, 2023 Unrecognized Expense Weighted-Average Expected Recognition Period Stock options $ 3,230 1.6 RSUs 369,302 2.9 Total unrecognized stock-based compensation expense $ 372,532 2.9 |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The following assumptions were used to calculate the fair value of shares to be granted under the ESPP during the period: Year Ended January 31, 2024 2023 2022 Risk-free interest rate 4.1% - 5.5% 0.9%-4.0% 0.1%-0.2% Expected term 0.5 - 2.0 years 0.5 - 2.0 years 0.5 - 2.0 years Dividend yield —% 0% 0% Expected volatility 39.3% - 60.3% 46.2% - 64.1% 36.8% - 53.8% |
Interest Income and Other Inc_2
Interest Income and Other Income (Expense), Net (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Other Income and Expenses [Abstract] | |
Schedule of Interest and Other Income (Expense), Net | Interest income and other income (expense), net consist of the following (in thousands): Year Ended January 31, 2024 2023 2022 Interest income $ 21,128 $ 7,910 $ 506 Unrealized gains (losses) on foreign currency transactions (164) 801 (953) Other non-operating expense (340) (1,778) (1,089) Total interest income and other income (expense), net $ 20,624 $ 6,933 $ (1,536) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of the Provision for Income Taxes | The components of the provision for income taxes were as follows (in thousands): Year Ended January 31, 2024 2023 2022 Current: United States $ — $ — $ — State 318 45 — Foreign 3,239 4,009 3,031 Total current $ 3,557 $ 4,054 $ 3,031 Deferred: United States $ — $ — $ — State — — — Foreign 148 821 206 Total deferred 148 821 206 Total provision for income taxes $ 3,705 $ 4,875 $ 3,237 |
Schedule of Income before Income Taxes | The components of income (loss) before income taxes were as follows (in thousands): Year Ended January 31, 2024 2023 2022 United States $ (262,894) $ (413,505) $ (292,759) Foreign 9,569 10,612 7,654 Total $ (253,325) $ (402,893) $ (285,105) |
Schedule of Reconciliation of Effective Tax Rates | The reconciliation between the statutory federal income tax and the Company’s effective tax rates as a percentage of loss before income taxes were as follows: Year Ended January 31, 2024 2023 2022 Federal tax rate 21.0 % 21.0 % 21.0 % Stock-based compensation expense (3.6) (2.4) 25.0 Change in valuation allowance (21.4) (23.1) (52.8) Transaction costs — (0.1) — Research and development credits 3.5 4.9 7.7 Convertible debt interest — — (1.3) Other (1.0) (1.5) (0.8) Effective income tax rate (1.5) % (1.2) % (1.2) % |
Schedule of Major Components of Deferred Tax Assets and Liabilities | The major components of deferred tax assets (liabilities) were as follows (in thousands): As of January 31, 2024 2023 Deferred tax assets: Net operating loss carryforwards $ 285,152 $ 282,705 Research and development tax credits 96,548 87,059 Stock-based compensation 14,552 14,731 Reserves and accrued expenses 7,860 6,714 Operating lease liabilities 56,532 52,922 R&D expense capitalization under Sec. 174 125,080 76,765 Total deferred tax assets 585,724 520,896 Valuation allowance (532,423) (470,548) Total deferred tax assets, net of valuation allowance 53,301 50,348 Deferred tax liabilities: Right of use asset (43,320) (41,434) Deferred commissions (8,588) (8,020) Depreciation and amortization (2,704) (2,123) Total deferred tax liabilities (54,612) (51,577) Net deferred tax liabilities $ (1,311) $ (1,229) |
Schedule of Gross Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits was as follows (in thousands): As of January 31, 2024 2023 Balance at the beginning of the year $ 31,738 $ 19,826 Increases - current period tax positions 5,444 7,666 Increases - prior period tax positions — 4,246 Decreases - prior period tax positions (2,222) — Balance at the end of the year $ 34,960 $ 31,738 |
Geographic Information (Tables)
Geographic Information (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Segment Reporting [Abstract] | |
Revenue by Geographic Areas | Revenues Year Ended January 31, 2024 2023 2022 United States $ 398,034 $ 330,238 $ 219,305 International 254,470 216,974 159,132 Total revenues $ 652,504 $ 547,212 $ 378,437 |
Long-lived Assets by Geographic Areas | Long-Lived Assets As of January 31, 2024 2023 United States $ 271,844 $ 265,582 International 6,430 5,591 Total long-lived assets $ 278,274 $ 271,173 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | The restructuring costs are recognized in the consolidated statement of operations for the year ended January 31, 2023 as follows: Severance and Related Charges Stock-Based Compensation Expense (Benefit) Total Cost of revenues $ 512 $ 38 $ 550 Research and development 33 2 35 Sales and marketing 5,921 661 6,582 General and administrative 1,914 179 2,093 Total $ 8,380 $ 880 $ 9,260 The following table summarizes the Company’s restructuring liabilities (in thousands): Restructuring Liability Beginning balance as of February 1, 2023 $ 873 Charges (benefit) (147) Payments (707) Foreign currency translation adjustment (19) Ending balance as of January 31, 2024 $ — |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Debt Securities, Available-for-sale [Line Items] | |||
Advertising expense | $ 79.4 | $ 118.1 | $ 87.4 |
Allowance for doubtful accounts | 2.3 | 2.3 | |
Impairment charge | $ 5 | $ 0 | $ 0 |
Minimum | |||
Debt Securities, Available-for-sale [Line Items] | |||
Marketable securities, term | 3 months | ||
Property and equipment, useful life | 2 years | ||
Maximum | |||
Debt Securities, Available-for-sale [Line Items] | |||
Marketable securities, term | 37 months | ||
Property and equipment, useful life | 5 years |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Property And Equipment (Details) | Jan. 31, 2024 |
Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life | 2 years |
Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life | 5 years |
Desktop and other computer equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life | 2 years |
Desktop and other computer equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life | 3 years |
Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life | 5 years |
Capitalized internal-use software | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life | 3 years |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Deferred revenue recognized | $ 227.5 | $ 170.1 |
Revenue, remaining performance obligation, amount | $ 349 | |
Deferred contract acquisition costs, amortization period | 3 years | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-02-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, percentage | 84% | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months |
Revenue - Deferred Contract Acq
Revenue - Deferred Contract Acquisition Costs Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Capitalized Contract Costs [Roll Forward] | |||
Beginning balance | $ 36,583 | $ 22,771 | |
Capitalization of contract acquisition costs | 24,770 | 28,910 | |
Amortization of deferred contract acquisition costs | (21,972) | (15,098) | $ (8,647) |
Ending balance | 39,381 | 36,583 | 22,771 |
Deferred contract acquisition costs, current | 21,594 | 18,049 | |
Deferred contract acquisition costs, noncurrent | 17,787 | 18,534 | |
Total deferred contract acquisition costs | $ 39,381 | $ 36,583 | $ 22,771 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 94,552 | $ 289,001 |
Marketable securities | 282,801 | 2,739 |
Total assets | 377,353 | 291,740 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 89,561 | 289,001 |
U.S. treasury bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 162,328 | |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 4,991 | |
Marketable securities | 11,670 | |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 72,608 | 2,739 |
Agency bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 36,195 | |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 89,561 | 289,001 |
Marketable securities | 162,328 | 0 |
Total assets | 251,889 | 289,001 |
Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 89,561 | 289,001 |
Level 1 | U.S. treasury bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 162,328 | |
Level 1 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Marketable securities | 0 | |
Level 1 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Level 1 | Agency bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 4,991 | 0 |
Marketable securities | 120,473 | 2,739 |
Total assets | 125,464 | 2,739 |
Level 2 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Level 2 | U.S. treasury bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | |
Level 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 4,991 | |
Marketable securities | 11,670 | |
Level 2 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 72,608 | 2,739 |
Level 2 | Agency bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 36,195 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Marketable securities | 0 | 0 |
Total assets | 0 | 0 |
Level 3 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Level 3 | U.S. treasury bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | |
Level 3 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Marketable securities | 0 | |
Level 3 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | $ 0 |
Level 3 | Agency bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 0 |
Fair Value Measurements - Inves
Fair Value Measurements - Investments (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
Current assets | ||
Amortized Cost | $ 282,127 | $ 2,744 |
Gross Unrealized Gains | 933 | 0 |
Gross Unrealized Losses | (259) | (5) |
Estimated Fair Value | 282,801 | 2,739 |
U.S. treasury bonds | ||
Current assets | ||
Amortized Cost | 162,485 | |
Gross Unrealized Gains | 85 | |
Gross Unrealized Losses | (242) | |
Estimated Fair Value | 162,328 | |
Commercial paper | ||
Current assets | ||
Amortized Cost | 11,645 | |
Gross Unrealized Gains | 25 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | 11,670 | |
Corporate bonds | ||
Current assets | ||
Amortized Cost | 71,930 | 2,744 |
Gross Unrealized Gains | 695 | 0 |
Gross Unrealized Losses | (17) | (5) |
Estimated Fair Value | 72,608 | $ 2,739 |
Agency bonds | ||
Current assets | ||
Amortized Cost | 36,067 | |
Gross Unrealized Gains | 128 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | $ 36,195 |
Fair Value Measurements - Contr
Fair Value Measurements - Contractual Maturities (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
Amortized Cost | ||
Due within one year | $ 155,743 | |
Due within one to three years | 126,384 | |
Total | 282,127 | |
Estimated Fair Value | ||
Due within one year | 155,813 | |
Due within one to three years | 126,988 | |
Total | $ 282,801 | $ 2,739 |
Balance Sheet Components - Prop
Balance Sheet Components - Property and Equipment (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Total gross property and equipment | $ 139,036 | $ 126,050 |
Less: Accumulated depreciation and amortization | (42,493) | (31,066) |
Total property and equipment, net | 96,543 | 94,984 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total gross property and equipment | 100,795 | 98,264 |
Capitalized internal-use software | ||
Property, Plant and Equipment [Line Items] | ||
Total gross property and equipment | 24,061 | 15,005 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total gross property and equipment | 11,732 | 10,325 |
Desktop and other computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total gross property and equipment | 2,122 | 1,804 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total gross property and equipment | $ 326 | $ 652 |
Balance Sheet Components - Narr
Balance Sheet Components - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization | $ 14.3 | $ 12.7 | $ 8.5 |
Balance Sheet Components - Capi
Balance Sheet Components - Capitalized Software Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Movement in Capitalized Computer Software, Net [Roll Forward] | ||
Beginning balance | $ 4,035 | $ 2,353 |
Capitalization of internal-use software costs | 9,056 | 2,756 |
Amortization of internal-use software costs | (2,570) | (1,074) |
Ending balance | $ 10,521 | $ 4,035 |
Balance Sheet Components - Prep
Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Prepaid expenses | $ 25,029 | $ 25,134 |
Deferred contract acquisition costs, current | 21,594 | 18,049 |
Other current assets | 5,302 | 5,543 |
Total prepaid expenses and other current assets | $ 51,925 | $ 48,726 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued payroll liabilities | $ 19,219 | $ 22,336 |
Accrued sales and value-added taxes | 10,770 | 13,347 |
Accrued taxes for fringe benefits | 9,452 | 8,064 |
Accrued advertising expenses | 9,276 | 10,565 |
Accrued consulting expenses | 4,287 | 4,076 |
Other liabilities | 22,817 | 25,100 |
Total accrued expenses and other current liabilities | $ 75,821 | $ 83,488 |
Convertible Notes_Related Par_3
Convertible Notes—Related Party - Narrative (Details) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jul. 01, 2021 USD ($) shares | Sep. 29, 2020 shares | Jul. 31, 2021 shares | Jun. 30, 2020 USD ($) debt_instrument | Jan. 31, 2024 day | Jan. 31, 2020 USD ($) | |
Related Party Transaction [Line Items] | ||||||
Threshold trading days | day | 30 | |||||
Issuance of redeemable convertible preferred stock upon net exercise (in shares) | shares | 73,577,455 | |||||
Convertible Debt | ||||||
Related Party Transaction [Line Items] | ||||||
Number of debt instruments issued in the period | debt_instrument | 2 | |||||
Long-term debt | $ 368.5 | |||||
Accrued interest | 20.4 | |||||
Unamortized discount | $ 101.9 | |||||
Convertible Debt | Common Class B | ||||||
Related Party Transaction [Line Items] | ||||||
Issuance of redeemable convertible preferred stock upon net exercise (in shares) | shares | 17,012,822 | 17,012,822 | ||||
January 2020 Convertible Note | Convertible Debt | ||||||
Related Party Transaction [Line Items] | ||||||
Convertible notes, interest rate, stated percentage | 3.50% | |||||
Long-term debt, face amount | $ 300 | |||||
June 2020 Convertible Note | Convertible Debt | ||||||
Related Party Transaction [Line Items] | ||||||
Convertible notes, interest rate, stated percentage | 3.50% | |||||
Long-term debt, face amount | $ 150 |
Convertible Notes_Related Par_4
Convertible Notes—Related Party - Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Related Party Transaction [Line Items] | |||
Amortization of debt discount | $ 122 | $ 41 | $ 10,645 |
Convertible Notes | |||
Related Party Transaction [Line Items] | |||
Amortization of debt discount | 0 | 0 | 10,628 |
Contractual interest expense | 0 | 0 | 6,670 |
Total interest expense | $ 0 | $ 0 | $ 17,298 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2022 | Apr. 30, 2020 | Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Line of Credit Facility [Line Items] | |||||
Letters of credit outstanding, amount | $ 21,400,000 | $ 23,600,000 | |||
Line of credit facility, remaining borrowing capacity | 78,600,000 | ||||
Proceeds from term loan, net of issuance costs | 0 | 49,555,000 | $ 9,000,000 | ||
Long-term debt | 46,875,000 | ||||
Upfront issuance fees | $ 400,000 | ||||
Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Long-term debt | 46,875,000 | 50,000,000 | |||
Upfront issuance fees | 132,000 | $ 179,000 | |||
Credit Agreement | Letter of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit, maximum borrowing capacity | $ 30,000,000 | ||||
Credit Agreement | Maximum | Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, covenant, consolidated adjusted quick ratio | 1.25 | ||||
Credit Agreement | Minimum | Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, covenant, consolidated adjusted quick ratio | 1 | ||||
Secured Debt | Term Loan Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Long-term debt, term | 5 years | ||||
Long-term debt, face amount | $ 40,000,000 | ||||
Secured Debt | Term Loan Agreement | Maximum | Prime Rate | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, basis spread on variable rate | (1.00%) | ||||
Secured Debt | Term Loan Agreement | Minimum | Prime Rate | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0% | ||||
Secured Debt | Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Proceeds from term loan, net of issuance costs | 50,000,000 | ||||
Long-term debt | 46,900,000 | ||||
Line of Credit | Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, term | 4 years | ||||
Line of credit, maximum borrowing capacity | $ 150,000,000 | ||||
Line of Credit | Credit Agreement | Term Loan Facility | |||||
Line of Credit Facility [Line Items] | |||||
Long-term debt, face amount | $ 50,000,000 | ||||
Debt instrument, basis spread on variable rate | 2.25% | ||||
Line of Credit | Credit Agreement | Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit, maximum borrowing capacity | $ 100,000,000 | ||||
Line of credit facility, commitment fee percentage | 0.15% | ||||
Letters of credit outstanding, amount | $ 21,400,000 | ||||
Upfront issuance fees | $ 200,000 | ||||
Line of Credit | Credit Agreement | ABR Loans | |||||
Line of Credit Facility [Line Items] | |||||
Convertible notes, interest rate, stated percentage | 1.25% | ||||
Line of Credit | Credit Agreement | Secured Overnight Financing Rate (SOFR) | Term Loan Facility | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0.10% |
Debt - Net Carrying Amount of T
Debt - Net Carrying Amount of Term Loan (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 | Nov. 30, 2022 |
Debt Instrument [Line Items] | |||
Principal | $ 46,875 | ||
Unamortized loan issuance costs | $ (400) | ||
Credit Agreement | |||
Debt Instrument [Line Items] | |||
Principal | 46,875 | $ 50,000 | |
Accrued interest | 297 | 218 | |
Unamortized loan issuance costs | (132) | (179) | |
Net carrying amount | 47,040 | 50,039 | |
Credit facilities, current | 3,422 | 3,343 | |
Credit facilities, noncurrent | $ 43,618 | $ 46,696 |
Debt - Schedule of Maturities o
Debt - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands | Jan. 31, 2024 USD ($) |
Debt Disclosure [Abstract] | |
2025 | $ 3,125 |
2026 | 5,000 |
2027 | 38,750 |
Total principal payments | $ 46,875 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2024 | Jan. 31, 2023 | |
Commitments and contingencies (Note 8) | |||
Letters of credit outstanding, amount | $ 21.4 | $ 23.6 | |
Long-term purchase commitment, period | 60 months | ||
Purchase obligation | $ 103.5 | ||
Purchase obligation, maximum offsetting amount | $ 7.3 | ||
Hosting-Related Services | |||
Commitments and contingencies (Note 8) | |||
Purchase commitment remaining | 46.5 | ||
Software-based Services | |||
Commitments and contingencies (Note 8) | |||
Purchase commitment remaining | $ 12.2 |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Leases [Abstract] | |||
Operating lease costs (in thousands) | $ 40,897 | $ 36,542 | $ 36,494 |
Short-term lease costs (in thousands) | 3,488 | 2,946 | 3,240 |
Variable lease costs (in thousands) | 2,663 | 2,269 | 1,452 |
Total lease costs | $ 47,048 | $ 41,757 | $ 41,186 |
Weighted-average remaining lease term (in years) | 8 years 9 months 18 days | 10 years 2 months 12 days | 11 years 4 months 24 days |
Weighted-average discount rate | 9.50% | 9.60% | 9.50% |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 41,389 | $ 34,816 | $ 12,021 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 29,887 | 17,809 | 7,997 |
Right-of-use reductions related to operating lease impairments | $ 4,900 | $ 0 | $ 0 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) $ in Thousands | Jan. 31, 2024 USD ($) |
Leases [Abstract] | |
2025 | $ 40,608 |
2026 | 38,859 |
2027 | 39,074 |
2028 | 39,180 |
2029 and thereafter | 197,049 |
Total undiscounted operating lease payments | 354,770 |
Less: imputed interest | (120,507) |
Total operating lease liabilities | $ 234,263 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Leases [Abstract] | |||
Asset impairment charges | $ 5,000 | ||
Lessor, operating lease, term of contract | 5 years | ||
Sublease income | $ 800 | $ 0 | $ 0 |
Lessor, operating lease, payment to be received | $ 8,695 |
Leases - Sublease Payments to b
Leases - Sublease Payments to be Received (Details) $ in Thousands | Jan. 31, 2024 USD ($) |
Leases [Abstract] | |
2025 | $ 1,556 |
2026 | 1,919 |
2027 | 1,976 |
2028 | 2,036 |
2029 and thereafter | 1,208 |
Total sublease income | $ 8,695 |
Net Loss per Share (Details)
Net Loss per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Numerator: | |||
Net loss | $ (257,030) | $ (407,768) | $ (288,342) |
Denominator: | |||
Weighted-average shares used in calculating net loss per share, basic (in shares) | 220,406 | 200,034 | 176,401 |
Weighted-average shares used in calculating net loss per share, diluted (in shares) | 220,406 | 200,034 | 176,401 |
Net loss per share, basic (in usd per share) | $ (1.17) | $ (2.04) | $ (1.63) |
Net loss per share, diluted (in usd per share) | $ (1.17) | $ (2.04) | $ (1.63) |
Net Loss per Share - Antidiluti
Net Loss per Share - Antidilutive Securities (Details) - shares | 1 Months Ended | 12 Months Ended | ||||
Jul. 01, 2021 | Sep. 29, 2020 | Jul. 31, 2021 | Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Antidilutive securities (in shares) | 27,463,000 | 27,088,000 | 23,649,000 | |||
Issuance of redeemable convertible preferred stock upon net exercise (in shares) | 73,577,455 | |||||
Convertible Debt | Common Class B | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Issuance of redeemable convertible preferred stock upon net exercise (in shares) | 17,012,822 | 17,012,822 | ||||
Stock options | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Antidilutive securities (in shares) | 9,788,000 | 11,941,000 | 14,383,000 | |||
Restricted stock units | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Antidilutive securities (in shares) | 17,190,000 | 14,591,000 | 8,812,000 | |||
Early exercised stock options | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Antidilutive securities (in shares) | 0 | 27,864 | 205,000 | |||
Shares issuable pursuant to the 2020 Employee Stock Purchase Plan | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Antidilutive securities (in shares) | 485,000 | 528,000 | 249,000 |
Stockholders' Equity (Deficit_2
Stockholders' Equity (Deficit) - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Feb. 01, 2024 shares | Feb. 01, 2023 shares | Feb. 01, 2022 shares | Sep. 29, 2020 shares | Sep. 30, 2022 USD ($) $ / shares shares | Sep. 30, 2020 purchasePeriod shares | Jan. 31, 2024 USD ($) vote stockClass shares | Jan. 31, 2023 USD ($) shares | Jan. 31, 2022 USD ($) shares | Feb. 01, 2021 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of classes of common stock | stockClass | 2 | |||||||||
Common stock, shares authorized (in shares) | 1,500,000,000 | 1,500,000,000 | ||||||||
Issuance of redeemable convertible preferred stock upon net exercise (in shares) | 73,577,455 | |||||||||
Common stock, shares issued (in shares) | 224,728,000 | 214,293,000 | ||||||||
Common stock, shares outstanding (in shares) | 224,728,000 | 214,293,000 | ||||||||
Share-based compensation arrangement, number of shares, period increase (decrease) (in shares) | 10,714,637 | 9,414,923 | ||||||||
Share-based compensation arrangement, outstanding (in shares) | 9,788,000 | 11,941,000 | ||||||||
Antidilutive securities (in shares) | 27,463,000 | 27,088,000 | 23,649,000 | |||||||
Share-based compensation arrangement, offering period | 24 months | |||||||||
Total stock-based compensation expense | $ | $ 202,418 | $ 188,962 | $ 104,561 | |||||||
Employee contributions withheld | $ | 7,200 | 6,900 | ||||||||
Unrecognized expense | $ | $ 358,473 | $ 372,532 | ||||||||
Forecast | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based compensation arrangement, number of shares, period increase (decrease) (in shares) | 11,236,396 | |||||||||
Early exercised stock options | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Antidilutive securities (in shares) | 0 | 27,864 | 205,000 | |||||||
Stock options | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based compensation arrangement, outstanding (in shares) | 0 | |||||||||
Share-based compensation arrangement, shares issued in period (in shares) | 0 | |||||||||
Options, expiration period | 10 years | |||||||||
Exercise price, minimum threshold, as a 100% of estimated fair value on the date of grant | 100% | |||||||||
Vesting period | 4 years | |||||||||
Vesting percentage | 25% | |||||||||
Restricted stock units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period | 4 years | |||||||||
Shares issuable pursuant to the 2020 Employee Stock Purchase Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common stock, shares reserved for future issuance (in shares) | 2,000,000 | |||||||||
Common stock, shares pursuant to evergreen provisions of ESPP (in shares) | 7,640,712 | 5,497,785 | ||||||||
Share-based compensation arrangement, maximum employee subscription rate | 15% | |||||||||
Purchase price of common stock, percent | 85% | |||||||||
Share-based compensation arrangement, offering period | 6 months | |||||||||
Share-based compensation arrangement, number of purchase periods | purchasePeriod | 4 | |||||||||
Share-based compensation arrangement, look-back feature, term | 2 years | |||||||||
Total stock-based compensation expense | $ | $ 11,400 | $ 12,800 | $ 8,000 | |||||||
Unrecognized expense | $ | $ 10,400 | |||||||||
Unrecognized expense, period for recognition | 1 year 1 month 6 days | |||||||||
Shares issuable pursuant to the 2020 Employee Stock Purchase Plan | Forecast | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common stock, shares pursuant to evergreen provisions of ESPP (in shares) | 9,887,991 | |||||||||
Common Class A | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common stock, shares authorized (in shares) | 1,000,000,000 | |||||||||
Number of votes per share | vote | 1 | |||||||||
Conversion of stock, shares converted (in shares) | 1 | |||||||||
Common stock, shares issued (in shares) | 139,238,565 | 128,803,395 | ||||||||
Common stock, shares outstanding (in shares) | 139,238,565 | 128,803,395 | ||||||||
Common Class A | Private Placement, Related Party | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock issued during period, new issues (in shares) | 19,273,127 | |||||||||
Shares issued, price per share (in dollars per share) | $ / shares | $ 18.16 | |||||||||
Sale of stock, consideration received on transaction, gross | $ | $ 350,000 | |||||||||
Payments of stock issuance costs | $ | $ 2,700 | |||||||||
Sale of stock, consideration received on transaction | $ | $ 347,300 | |||||||||
Common Class A | Shares issuable pursuant to the 2020 Employee Stock Purchase Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common stock, shares pursuant to evergreen provisions of ESPP (in shares) | 3,614,801 | |||||||||
Common Class B | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common stock, shares authorized (in shares) | 500,000,000 | |||||||||
Number of votes per share | vote | 10 | |||||||||
Common stock, shares issued (in shares) | 85,489,359 | 85,489,359 | ||||||||
Common stock, shares outstanding (in shares) | 85,489,359 | 85,489,359 | ||||||||
Tranche Two | Stock options | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting percentage | 2.08% |
Stockholders' Equity (Deficit_3
Stockholders' Equity (Deficit) - Schedule of Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Number of Shares | |||
Beginning balance (in shares) | 11,941 | ||
Options granted (in shares) | 0 | ||
Options exercised (in shares) | (2,101) | ||
Options forfeited (in shares) | 52 | ||
Ending balance (in shares) | 9,788 | 11,941 | |
Vested and exercisable, end of period (in shares) | 9,568 | ||
Vested and expected to vest, end of period (in shares) | 9,788 | ||
Weighted- Average Exercise Price | |||
Beginning balance (in dollars per share) | $ 2.96 | ||
Options granted (in dollars per share) | 0 | ||
Options exercised (in dollars per share) | 2.31 | ||
Options forfeited (in dollars per share) | 5.51 | ||
Ending balance (in dollars per share) | 3.09 | $ 2.96 | |
Vested and exercisable, end of period (in dollars per share) | 3.10 | ||
Vested and expected to vest, end of period (in dollars per share) | $ 3.09 | ||
Weighted- Average Remaining Contractual Term (in years) | |||
Weighted average remaining contractual term (in years) | 4 years 2 months 12 days | 5 years 1 month 6 days | |
Weighted average remaining contractual term, vested and exercisable (in years) | 4 years 2 months 12 days | ||
Weighted average remaining contractual term, vested and expected to vest (in years) | 4 years 2 months 12 days | ||
Aggregate Intrinsic Value | |||
Aggregate intrinsic value, outstanding | $ 140,292 | $ 149,738 | |
Aggregate intrinsic value, vested and exercisable | 137,045 | ||
Aggregate intrinsic value, vested and expected to vest | $ 140,292 | ||
Weighted-average grant-date fair value per share (in dollars per share) | $ 0 | $ 0 | $ 0 |
Aggregate intrinsic value of options exercised (in thousands) | $ 38,757 | $ 52,687 | $ 404,964 |
Stockholders' Equity (Deficit_4
Stockholders' Equity (Deficit) - Schedule of RSU Activity (Details) - Restricted stock units - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Number of Shares | ||
Beginning balance (in shares) | 14,591 | |
RSUs granted (in shares) | 13,344 | |
RSUs vested (in shares) | (7,404) | |
RSUs forfeited (in shares) | (3,341) | |
Ending balance (in shares) | 17,190 | |
RSUs vested, not released (in shares) | 806 | |
Weighted- Average Grant Date Fair Value | ||
Beginning balance (in dollars per share) | $ 27.75 | |
RSUs granted (in dollars per share) | 20.01 | |
RSUs vested (in dollars per share) | 25.63 | |
RSUs forfeited (in dollars per share) | 25.75 | |
Ending balance (in dollars per share) | 23.04 | |
RSUs vested, not yet released (in dollars per share) | $ 32.82 | |
Aggregate Intrinsic Value | ||
Unvested RSUs | $ 299,450 | $ 226,145 |
Stockholders' Equity (Deficit_5
Stockholders' Equity (Deficit) - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 202,418 | $ 188,962 | $ 104,561 |
Unrecognized expense, stock options | 285 | 3,230 | |
Unrecognized expense, RSUs | 358,188 | 369,302 | |
Total unrecognized stock-based compensation expense | $ 358,473 | $ 372,532 | |
Weighted-Average Expected Recognition Period (in years) | 2 years 10 months 24 days | 2 years 10 months 24 days | |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-Average Expected Recognition Period (in years) | 3 years 8 months 12 days | 1 year 7 months 6 days | |
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-Average Expected Recognition Period (in years) | 2 years 10 months 24 days | 2 years 10 months 24 days | |
Cost of revenues | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 1,549 | $ 1,658 | 806 |
Research and development | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 112,619 | 100,083 | 57,480 |
Sales and marketing | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 59,217 | 58,504 | 29,631 |
General and administrative | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 29,033 | $ 28,717 | $ 16,644 |
Stockholders' Equity (Deficit_6
Stockholders' Equity (Deficit) - ESPP Fair Value Assumptions (Details) - Shares issuable pursuant to the 2020 Employee Stock Purchase Plan | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0% | 0% | 0% |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 4.10% | 0.90% | 0.10% |
Expected term | 6 months | 6 months | 6 months |
Expected volatility | 39.30% | 46.20% | 36.80% |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 5.50% | 4% | 0.20% |
Expected term | 2 years | 2 years | 2 years |
Expected volatility | 60.30% | 64.10% | 53.80% |
Employee Benefit Plans- Narrati
Employee Benefit Plans- Narrative (Details) | 12 Months Ended |
Jan. 31, 2024 USD ($) | |
Postemployment Benefits [Abstract] | |
Defined contribution plan, cost | $ 0 |
Interest Income and Other Inc_3
Interest Income and Other Income (Expense), Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Other Income and Expenses [Abstract] | |||
Interest income | $ 21,128 | $ 7,910 | $ 506 |
Unrealized gains (losses) on foreign currency transactions | (164) | 801 | (953) |
Other non-operating expense | (340) | (1,778) | (1,089) |
Total interest income and other income (expense), net | $ 20,624 | $ 6,933 | $ (1,536) |
Income Taxes - Components of In
Income Taxes - Components of Income and Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Current: | |||
United States | $ 0 | $ 0 | $ 0 |
State | 318 | 45 | 0 |
Foreign | 3,239 | 4,009 | 3,031 |
Total current | 3,557 | 4,054 | 3,031 |
Deferred: | |||
United States | 0 | 0 | 0 |
State | 0 | 0 | 0 |
Foreign | 148 | 821 | 206 |
Total deferred | 148 | 821 | 206 |
Total provision for income taxes | $ 3,705 | $ 4,875 | $ 3,237 |
Income Taxes - Components of _2
Income Taxes - Components of Income (Loss) Before Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (262,894) | $ (413,505) | $ (292,759) |
Foreign | 9,569 | 10,612 | 7,654 |
Loss before provision for income taxes | $ (253,325) | $ (402,893) | $ (285,105) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Effective Tax Rates (Details) | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||
Federal tax rate | 21% | 21% | 21% |
Stock-based compensation expense | (3.60%) | (2.40%) | 25% |
Change in valuation allowance | (21.40%) | (23.10%) | (52.80%) |
Transaction costs | 0% | (0.10%) | 0% |
Research and development credits | 3.50% | 4.90% | 7.70% |
Convertible debt interest | 0% | 0% | (1.30%) |
Other | (1.00%) | (1.50%) | (0.80%) |
Effective income tax rate | (1.50%) | (1.20%) | (1.20%) |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 285,152 | $ 282,705 |
Research and development tax credits | 96,548 | 87,059 |
Stock-based compensation | 14,552 | 14,731 |
Reserves and accrued expenses | 7,860 | 6,714 |
Operating lease liabilities | 56,532 | 52,922 |
R&D expense capitalization under Sec. 174 | 125,080 | 76,765 |
Total deferred tax assets | 585,724 | 520,896 |
Valuation allowance | (532,423) | (470,548) |
Total deferred tax assets, net of valuation allowance | 53,301 | 50,348 |
Deferred tax liabilities: | ||
Right of use asset | (43,320) | (41,434) |
Deferred commissions | (8,588) | (8,020) |
Depreciation and amortization | (2,704) | (2,123) |
Total deferred tax liabilities | (54,612) | (51,577) |
Net deferred tax liabilities | $ (1,311) | $ (1,229) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Income Tax Contingency [Line Items] | |||
Valuation allowance increase (decrease) | $ 61,900,000 | $ 113,600,000 | $ 174,400,000 |
Research and development tax credits | 96,548,000 | 87,059,000 | |
Unrecognized tax benefits, accrued interest and penalties | 0 | $ 0 | |
Domestic Tax Authority | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards | 1,167,300,000 | ||
Research and development tax credits | 85,000,000 | ||
State and Local Jurisdiction | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards | 665,200,000 | ||
Research and development tax credits | $ 54,800,000 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 31,738 | $ 19,826 |
Increases - current period tax positions | 5,444 | 7,666 |
Increases - prior period tax positions | 0 | 4,246 |
Decreases - prior period tax positions | (2,222) | 0 |
Ending balance | $ 34,960 | $ 31,738 |
Geographic Information (Details
Geographic Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | $ 652,504 | $ 547,212 | $ 378,437 |
Total long-lived assets | 278,274 | 271,173 | |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 398,034 | 330,238 | 219,305 |
Total long-lived assets | 271,844 | 265,582 | |
International | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 254,470 | 216,974 | $ 159,132 |
Total long-lived assets | $ 6,430 | $ 5,591 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Related Party Transaction [Line Items] | ||||
Revenues | $ 652,504 | $ 547,212 | $ 378,437 | |
Operating lease right-of-use assets | 181,731 | 176,189 | ||
Common Class A | Private Placement, Related Party | ||||
Related Party Transaction [Line Items] | ||||
Stock issued during period, new issues (in shares) | 19,273,127 | |||
Shares issued, price per share (in dollars per share) | $ 18.16 | |||
Sale of stock, consideration received on transaction, gross | $ 350,000 | |||
Lease Expense | ||||
Related Party Transaction [Line Items] | ||||
Amount of related party transactions | 1,600 | 2,000 | ||
Advertising Agreement One | ||||
Related Party Transaction [Line Items] | ||||
Amount of related party transactions | 1,100 | 1,800 | ||
Advertising Agreement Two | ||||
Related Party Transaction [Line Items] | ||||
Amount of related party transactions | 2,000 | 3,200 | ||
Related Party | ||||
Related Party Transaction [Line Items] | ||||
Revenues | 900 | 700 | ||
Operating lease right-of-use assets | $ 0 | $ 1,700 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Jan. 31, 2023 | Jan. 31, 2024 | |
Restructuring and Related Activities [Abstract] | ||
Headcount reduction, percent | 9% | |
Restructuring costs | $ 9,260 | |
Restructuring reserve, current | $ 900 |
Restructuring - Restructuring C
Restructuring - Restructuring Costs (Details) $ in Thousands | 12 Months Ended |
Jan. 31, 2024 USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Severance and Related Charges | $ 8,380 |
Stock-Based Compensation Expense (Benefit) | 880 |
Total | 9,260 |
Cost of revenues | |
Restructuring Cost and Reserve [Line Items] | |
Severance and Related Charges | 512 |
Stock-Based Compensation Expense (Benefit) | 38 |
Total | 550 |
Research and development | |
Restructuring Cost and Reserve [Line Items] | |
Severance and Related Charges | 33 |
Stock-Based Compensation Expense (Benefit) | 2 |
Total | 35 |
Sales and marketing | |
Restructuring Cost and Reserve [Line Items] | |
Severance and Related Charges | 5,921 |
Stock-Based Compensation Expense (Benefit) | 661 |
Total | 6,582 |
General and administrative | |
Restructuring Cost and Reserve [Line Items] | |
Severance and Related Charges | 1,914 |
Stock-Based Compensation Expense (Benefit) | 179 |
Total | $ 2,093 |
Restructuring - Restructuring a
Restructuring - Restructuring and Related Costs (Details) $ in Thousands | 12 Months Ended |
Jan. 31, 2024 USD ($) | |
Restructuring Reserve [Roll Forward] | |
Beginning balance as of February 1, 2023 | $ 873 |
Charges (benefit) | (147) |
Payments | (707) |
Foreign currency translation adjustment | (19) |
Ending balance as of January 31, 2024 | $ 0 |